Tài liệu Business organization and behaviour

Forms of business organization
Sole trader
–owned by an individual entitled to income and responsible for losses
Partnership
–jointly owned by two or more people
–unlimited liability
Company
–ownership divided among shareholders
–legal entitlement to produce and trade
–limited liability
–shares of public companies resold on the stock exchange

Some key terms
Revenues
–the amount a firm earns by selling goods and services in a given period
Costs
–the expenses incurred in producing goods and services during the period
Profits
–the excess of revenues over costs