Terminology

No	Word	Definition
1	Sole Proprietorship	A huge majority of small businesses begin out as sole proprietorships. These firms are possessed by a single individual. Sole proprietors own all the assets of the business and the profits generated by it. They also assume total accountability for any of its legal responsibilities and sum unpaid.
2	Partnership	A partnership is the association existing involving two or additional persons who connect to carry on a trade or business. Each person puts in capital, property, manual labour, or expertise, and anticipates splitting the profits and losses of the business.
3	General Partnerships	In this standard structure of partnership, all partners are evenly accountable for the business's amount outstanding and legal responsibilities.
4	Limited Partnership	Limited partners are in essence financiers (silent partners) who do not contribute in the company's administration and who are also not legally responsible further than their investment in the business.

Terminology

No	Word	Definition
5	Corporation	This structure of business is branded by the limited legal responsibility of its title-holders, the issuance of shares of easily exchangeable stock, and continuation as a going concern.
6	Organisational Design	Organization Design is a prescribed process for putting together the people, information and expertise of a business. It is employed to obtain equivalence in the structure of the organization as strongly as possible to the objectives the organization wishes to accomplish.