Types of Business Ownership

Sole Proprietorship

A business owned and operated by one person.

The owner is responsible for all operations of the business and assumes all of the risk.

Partnership

A partnership is a business in which two or more people own and operate the business together.

Both people must agree on many issues.

Corporation

A corporation is a legal entity that exists independently of its owners, who are called shareholders.

Shareholders, the people who buy shares in a company, are all part owners of the company.

Co-operative

Businesses owned and operated by a group of people with common business interests.

Many farmers belong to a producer co-op.

Franchise

A franchisor sells to another person the rights to use the business name and sell a product or service in a given area.

Examples, Tim Horton’s, McDonald’s, Walmart.

Questions

Visit the coop business Mountain Equipment Co-op at www.mec.ca

What does it say under the link about mec? Summarize with 3-5 points

Describe 3 products they sell.Find 3 things you would like to buy, click on

them and list some features of those items.