Forms of business organization I

Business Studies J.S.S 1 Second Term

WEEK 7

Forms of the business organization I

Performance Objectives

  The student should be able to:

 1. Explain the features of sole proprietorship and partnership.

    2. Explain the advantages and disadvantages of each.

 Content

Forms of business ownership

The following are the four forms of business ownership and they are as follows:

Meaning of Sole proprietorship

A sole proprietorship is a business owned by one person. The size of the business may be large or small but it is important to note that it is owned by one man. Examples are restaurants, supermarkets, filling stations, schools etc. The owner of the business is called a sole trader or a sole proprietor.…