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unlimited liability

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easy to terminate

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Business and owner are legally the same

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legal entity

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such as how much each partner will contribute or earn

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Easy to form and dissolve

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Each partner can act on behalf of the firm

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ownership represented by stocks

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Requires registration and compliance with legal formalities

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Managed by a board of directors

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complete control over business decision making

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complete control over business decision making

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A mutual Agency, where there a two or more people

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common

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separate entities from the owners

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distributed according to agreed ratios

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Shareholders elect directors to manage the company

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Shareholders elect directors to manage the company

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Formed by agreement between two or more people

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Full control by a single owner

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Management handled by directors on behalf of shareholders

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specialization branding

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because it is run by one person, there's no need to pay a salary to anyone else

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ownership : shareholder