Types And Basic Features of Business Enterprises/Organisations - SS1 Economics Lesson Note

Partnership: A business owned and operated by two or more individuals. Partners share the profits and losses of the business and have unlimited liability.

Corporation: A business owned by shareholders who have limited liability for the debts of the business. It has a separate legal identity from its owners and can sell shares to raise capital.

Limited Liability Company (LLC): A business structure that combines the benefits of a corporation and a partnership. Owners have limited liability for the debts of the business and can choose to be taxed as a partnership or a corporation.

Cooperative: A business owned and operated by a group of individuals who share the profits and have a say in the management of the business.