1. Lim Sei Kee @ cK

3.  1. An enterprise that produces goods or services usually in order to make a profit

4.  2. A business organization owned and controlled by one person

5.  3. A situation where a business closes if the owner dies, retires or leaves for some other reason

6.  4. It means that a business owner is responsible for all the business' losses and debts

7.  5. Business co owned by two or more people who agree on how responsibilities, profits and losses of that business are divided

8.  6. Partners share management of the business and each one is liable for all business debts and losses

9.  7. One in which at least one partner is not involved in the day-to-day running of business and is liable only for the funds he or she has invested

10.  8. A business owned by stock holders who own the rights to the company's profits but face limited liability for the company's debts and losses

11.  9. A part of a corporation's profit that is paid out to stockholders

12. 10. This business organization issues stock that can be publicly traded

13.  11. This business organization controls who can buy and sell its stock

14.  12. A business owner's liability for debts and losses of the business is limited

15.  13. A corporation continued to exist even after an owner dies, leaves the business, or transfers his/her ownership

16.  14. A business operated for the shared benefit of the owners, who are also its customers

17.  15. A business that aims to benefit society not to make a profit

19. -easy to open or close -few regulations -freedom and control -owner keeps profits

20. - limited funds - limited life - unlimited liability

21. - easy to open and close - few regulations - access to resources - joint decision making - specialization

22. - unlimited liability - potential for conflict - limited life

23. - access to resources - professional managers - limited liability - unlimited life

24. - start-up cost and effort - heavy regulation - double taxation - loss of control