term1 Definition1term2 Definition2term3 Definition3
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Sole Proprietorship
whose owner/manager is responsible for all activities of the firm
1
Partnership
which has two or more joint owners (in a limited partnership, some of the partners have no part in running the firm and are not liable for its debts)
2 or more
Corporation
whose owners are not personally responsible for debts and not personally involved in its operations
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