Here are the three main types of business organizations:
1. Sole proprietorship: This is the simplest form of business ownership where one individual owns and operates the business. The owner has unlimited personal liability for the business debts.
2. Partnership: This involves two or more individuals who come together to operate a business. Like a sole proprietorship, the owners (partners) have unlimited personal liability. A partnership agreement outlines the roles and responsibilities of each partner.
3. Corporation: This is a legal entity that is separate from its owners (shareholders). A corporation issues shares of stock as evidence of ownership. Shareholders have limited liability, meaning they are not personally responsible for the corporation's debts beyond their investment