What are the three basic forms of business organizations?

QUESTION

What are the three basic forms of business
organizations?
The three basic forms of business organizations are sole proprietorship, partnership and corporation. A sole proprietorship is the business owned by one person.
The owner may operate the business himself or may employ others to operate it. A partnership form of business organization is the agreement
between two or more persons who have agreed to share the profits of the business.
There are different forms of partnership

firm such as general partnership,
limited liability partnership etc. A corporation has a separate legal entity which is different
from the entity of the individuals in it. These can be public or private. A
public corporation can raise money by issuing shares to the general public.

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