Question

State and explain the types of enterprise giving examples for each one of them

Answer 1

1.Sole proprietorship-is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business.

2. Partnership-is a formal arrangement by two or more parties to manage and operate a business and share its profits.

3.Corporation-a large company or group of companies authorized to act as a single entity and recognized as such in law.