Different Types of Companies:
Proprietorships, Partnerships, Corporations
A company owned by one person who is responsible for obligations.
When two or more people own a company who are responsible for obligations. For example, Samuel Slater worked with Moses Brown on a construction of a water powered textile mill on the Blackstone River in Pawtucket, RI.
A business owned by stockholders with legal status of an individual. Decisions are made by the Board of Directors and the Board hires Corporate Officers to take care of day to day responsibilities.
The advantages of a Corporation would be making money by selling stocks. Stockholders are people who buy stocks, or shares of the company. Stockholders have a limited amount of responsibility and can only lose the amount of money they initially invested. Not dependent on one person, Corporations can function without the original owners.
-Andrew Read, Aidan Keohane, Rebecca Sek