Explain types of business ownership.

Sole Proprietorship-One individual operating the business alone
General Partnership-Composed of two or more people who operate business by sharing expenses and profits
Limited Partnership-One or two general partners with one or more limited partners
Limited Liability Partnership-When one partner does not have liability for the other partner
Limited Liability Company-Is formed by one or more individuals through a special written agreement
Corporation-Business operated by a board of directors

Business Explain