Questions: The three types of business ownership include: partnerships, corporations, and
- free markets
- capitalism.
- sole proprietorships.
- cooperatives.
- limited liability corporations.
Transcript text: The three types of business ownership include: partnerships, corporations, and
- free markets
- capitalism.
- sole proprietorships.
- cooperatives.
- limited liability corporations.
Solution
Answer
The answer is sole proprietorships.
Explanation
Option 1: Free markets
Free markets refer to an economic system where prices for goods and services are determined by open competition between privately owned businesses. This is not a type of business ownership.
Option 2: Capitalism
Capitalism is an economic system characterized by private ownership of the means of production and operation for profit. It is not a type of business ownership but rather an overarching economic system.
Option 3: Sole proprietorships
A sole proprietorship is a type of business ownership where a single individual owns and operates the business. This is one of the three main types of business ownership, along with partnerships and corporations.
Option 4: Cooperatives
Cooperatives are organizations owned and operated by a group of individuals for their mutual benefit. While they are a form of business organization, they are not typically listed as one of the three main types of business ownership.
Option 5: Limited liability corporations
Limited liability corporations (LLCs) are a hybrid type of business structure that offers the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. While they are a common business structure, they are not one of the three traditional types of business ownership.