1. Types of Business Ownership

2. Sole Proprietorship A business owned and operated by one person. The owner is responsible for all operations of the business and assumes all of the risk.

3. Partnership A partnership is a business in which two or more people own and operate the business together. Both people must agree on many issues.

4. Corporation A corporation is a legal entity that exists independently of its owners, who are called shareholders. Shareholders, the people who buy shares in a company, are all part owners of the company.

5. Co-operative Businesses owned and operated by a group of people with common business interests. Many farmers belong to a producer co-op.

6. Franchise A franchisor sells to another person the rights to use the business name and sell a product or service in a given area. Examples, Tim Horton’s, McDonald’s, Walmart.

7. Questions Visit the coop business Mountain Equipment Co-op at www.mec.cawww.mec.ca What does it say under the link about mec? Summarize with 3-5 points Describe 3 products they sell. Find 3 things you would like to buy, click on them and list some features of those items.