Listed below are the three types of business entities and definitions, examples, or descriptions.
Entity Definition, Example, or Description___________
Sole proprietorship 1. Can sell goods (merchandising)
Partnership 2. Owned by one person and legally not separate from the Corporation owner
3. Can make and sell goods (manufacturing)
4. Jointly owned by two or more persons and legally not separate from the owners
5. Owned by one or more persons and legally separate from the owner(s)
6. Can provide and sell services
7. The Coca-Cola Company
8. A law firm owned by some of the employees, who are each liable for the financial obligations of the entity
Required:
For each of the three types of business entities, select as many of the definitions, examples, or descriptions as apply to that type of entity.