Questions: The three types of business ownership include: partnerships, corporations, and Multiple Choice free markets. capitalism. sole proprietorships. cooperatives. limited liability corporations.

The three types of business ownership include: partnerships, corporations, and Multiple Choice free markets. capitalism. sole proprietorships. cooperatives. limited liability corporations.
Transcript text: The three types of business ownership include: partnerships, corporations, and Multiple Choice free markets. capitalism. sole proprietorships. cooperatives. limited liability corporations.
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Solution

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The answer is: sole proprietorships.

Explanation for each option:

  1. Free markets: This is incorrect. A free market refers to an economic system where prices for goods and services are determined by open competition between privately owned businesses, not a type of business ownership.

  2. Capitalism: This is incorrect. Capitalism is an economic system characterized by private ownership of the means of production and operation for profit, not a type of business ownership.

  3. Sole proprietorships: This is correct. A sole proprietorship is a type of business ownership where a single individual owns and operates the business, making it one of the three main types of business ownership along with partnerships and corporations.

  4. Cooperatives: This is incorrect. While cooperatives are a form of business organization where members share ownership and decision-making, they are not typically classified as one of the three main types of business ownership.

  5. Limited liability corporations (LLCs): This is incorrect. Although LLCs are a popular form of business structure that offers limited liability to its owners, they are not considered one of the three main types of business ownership. LLCs are a hybrid structure that combines elements of partnerships and corporations.

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