Electronic English

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A business may be privately owned in three different forms. These forms are the sole proprietorship, the partnership and the corporation.
The sole proprietorship is the most common in many countries. But it is evident that sole proprietorships do not do the greatest volume of business. Service industries such as Laundromats, beauty shops, different repair shops, restaurants are likely to be sole proprietorships.
A partnership is an association of two or more person to carry on a business for profit. When the owners of the partnership have unlimited liability they are called general partners. If partners have limited liability they are called limited partners. There may be a silent partner as well - a person who is known to the public as a member of the firm but without authority in management.
The reverse of the silent partner is the secret partner - a person who takes part in management but who isn't known to the public.
The partnership may be found in such professional fields as medicine, law, accounting, insurance and stockbrokerage.
The advantage of the partnership is that it is easy to form and often gets tax benefits from the government.
The disadvantage is unlimited liability, each partner is responsible for all depts. And is legally responsible for the whole business.
A business corporation is an institution established for the purpose of making profit and operated by individuals. Their shares of ownership are represented by stock certificates. A person who owns a stock certificate is called a stock holder. The advantage of the corporation is the ability to attract financial resources and invest them into plants, equipment and research. Also a corporation can offer high salaries and thus attract talented manages and specialists.
The privately owned business corporation is one type of corporation. Educational, religious, charitable institutions can also incorporate, but usually they don't issue stocks and are non-profit.