What was the first type of business organization?

Business Dec 25, 2020

Expert Solution

The first and most common type of business organization is a sole proprietorship. It is the simplest and easiest type of business organization to create because it only requires an owner, sufficient capital and proper registration if required by law. On the other hand, some of the downside to this type of business organization is that all losses shall be borne by the owner and he also becomes personally liable for any obligations arising from contracts as well as the law.

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