Identify and Define Three Types of Business Ownership

question 17

Essay

Identify and define three types of business ownership.
(1) A sole proprietorship is a business owned by only one person.(2) A partnership is a business owned jointly by two or more people.(3) A corporation is a
legal entity that's entirely separate from the parties who own it and which is
responsible for its own debts.
(Easy)

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Definitions:

Social Revolution

A profound, rapid, and often violent shift in the structure and nature of a society, typically involving the redistribution of power and resources.

Marx's Analysis

A theoretical approach developed by Karl Marx that focuses on class struggle, the dynamics of capitalist societies, and the relations between labor and capital.

Ruling Class

refers to the social class that holds the majority of political power and wealth in a society, often making decisions that affect the structure of the community.

Material Class

A grouping of individuals based on their economic position in society, often determined by their access to resources and wealth.