A、Types of business organizations. B、Management of the sole ownership. C、Complexity of the corporation. D、Differences between th

(14)Businesses are structured in different ways to meet different needs. The simplest form of business is called an individual or sole ownership. The owner owns all of the property of the business and is responsible for everything. For legal purposes, with this kind of business, the owner and the company are the same.(15)This means the owner gets to keep all of the profits of the business, but must also pay any debt. Another kind of business is the partnership. Two or more people go into business together. An agreement is usually needed to decide how much of the partnership each person controls. One kind of partnership is called a limited liability partnership. These have full partners and limited partners.(16)Limited partners may not share as much in the profits, but they also have less responsibility for the business. Doctors, lawyers and accountants often form partnerships to share their risks and profits. A husband and wife can form a business partnership together.(17)Partnerships exist only for as long as the owners remain alive. The same is true of individual ownerships. Corporations are designed to have an unlimited lifetime, so a corporation is the most complex kind of business organization.
14. What does this passage mainly talk about?
15. What can we learn about a sole ownership?
16. What can we learn about limited partners in a limited liability partnership?
17. What is a common point between partnerships and individual ownerships?