1. Entrepreneurs and their Business Forms

2. Sole Proprietorship a business owned by one individual who receives all the profits and reward and personally bears all the losses and risks.

3. Partnership a business in which ownership is shared by two or more people who receive all the profits and rewards and personally bear all the losses and risks of the partnership. Partnership agreement recommended!

4. Corporation a business that is owned by stockholders and is a legal entity separate from the stockholders. It has the right to buy, sell and make contracts. Chief advantage is that each owner’s liability is limited to the amount of money he or she has invested in the company.

5. Business ownership forms Sole proprietorship PartnershipCorporation Start upQuickest, cheapest Partnership agreement State charter to sell stock LiabilityPersonal & business Limited to stock value Raise capitalDifficult loanLoan for two or more Sell stock or borrow money corporate bond Grass mowingLaw and medical firms Large business seeking liability protection