Businesses are structured in different ways to meet different needs. The【B1】______form of business is called an individual propr

Businesses are structured in different ways to meet different needs. The(26)simplest form of business is called an individual proprietorship. The proprietor owns all the property of the business and is responsible for everything.
    Another kind of business is the partnership. Two or more people go into business together. An(27)agreement is usually needed to decide how much of the partnership each person controls. There are limited(28)liability partnerships, which include full partners and limited partners. Limited partners may not share as much in the profits.
    Doctors, lawyers and(29)accountants often form partnerships to share the profits and risks of doing business. A husband and wife can form a business partnership. Partnership can end at any time.
    The most(30)complex kind of business organization is the corporation. Corporations are designed to have an unlimited lifetime. Corporations can sell stocks to(31)raise money. Stock represents shares of ownership. Investors who buy stock can trade their shares or keep them as long as the company is in business. A company might use some of its earnings to pay shareholders what are called(32)dividends. Or the company might reinvest the money into the business.
    If shares lose value, investors can lose all the money they paid for their stock. But shareholders are not(33)responsible for the debts of the corporation. A corporation is recognized as an entity — its own legal being, separate from its owners. A board of directors controls corporate policies. The directors appoint top company officers. The directors might or might not hold(34)shares in the corporation.
    Corporations can have a few major shareholders. Or ownership can be spread among the general public. Incorporating offers businesses a way to(35)gain the investments they need to grow. But not all corporations are traditional businesses that sell stock. There are non-profit groups that are also organized as corporations.