Which of the following are the three main types of business ownership?

The three main types of business ownership are sole proprietorship, partnership, and corporation.

A sole proprietorship is the simplest form of business ownership, where a single individual owns and operates the business. This structure allows for easy decision-making and complete control by the owner, but it also means that the owner is personally liable for all debts and obligations of the business.

A partnership involves two or more individuals who share ownership of a business. This arrangement benefits from shared resources, skills, and expertise, and typically allows for a pooling of funds for business ventures. However, partners also share liability and profits, which can complicate decision-making.

A corporation is a more complex business entity that is legally distinct from its owners. This structure provides limited liability protection to its shareholders, meaning they are not personally responsible for the debts of the corporation. Corporations can raise capital more easily through the sale of stock, but they also face more regulatory requirements and potential double taxation on profits.

Understanding these three main types of business ownership is crucial for anyone studying business fundamentals, as it affects everything from liability and control to taxation and funding options. The other options listed include variations of business structures, but they do not accurately represent the three primary categories recognized in business fundamentals.