A business organization is termed as an organization that works for the accomplishment of economic activities. Economic activities include the exchange of goods and services and maintaining the records of the transactions.
The match to type of organization:
Sole proprietorship: Is the most common form of business organization in the United States.
Franchise: Requires a fee to be paid to a parent company for a business plan.
Corporation: Can be the most complicated and the most expensive type of organization.
Partnership: Includes two or more owners who are liable for any business debt.
Cooperative: Is an organization in which member owners market their products together.
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