Define proprietorship, partnership, corporation, limited-liability company, cooperative, and joint venture:
A proprietorship is a business owned by one person who owns all of the assets and receives all of profits or losses and where the individual is liable. A partnership is where two or more people are co-owners of the business where they share the assets, profits, and losses and where each co-owner is liable. A corporation is a business that is owned by the stockholders who are a group of people that have given special rights, privileges and limited liabilities. There are different types of corporations; a C corporation provides the limited liability protection for shareholders but is taxed at both the corporate and shareholder level. An S corporation has special taxation; only the shareholders are taxed and there is no tax at the corporate level. A limited-liability company has the advantages of the limited liability protection as well as the tax advantages of a partnership. A cooperative is a collection of independent businesses such as producers, wholesalers, retailers, or consumers that act together as a business to buy and sell for their clients. A joint venture is where two or more noncompeting businesses join to form a working relationship to make a profit.
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