1. Student Name

2. Sole Proprietorship The simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.

3. Examples  National:  Local:

4. Corporation A company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

5. Examples  National:  Local:

6. Limited Liability Company A Limited Liability Company (LLC) is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are).

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8. Partnership A business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.

9. Examples  National:  Local:

10. Cooperative A jointly owned enterprise engaging in the production or distribution of goods or the supplying of services, operated by its members for their mutual benefit, typically organized by consumers or farmers.

11. Examples  National:  Local:

12. S Corporation Like a C corporation, an S corporation is generally a corporation under the law of the state in which the entity is organized. For Federal income tax purposes, however, taxation of S corporations resembles that of partnerships.

13. Examples  National:  Local: