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| LO2 – Identify and describe the forms of business organizations. |
An organization is a group of individuals who come together to pursue a common set of goals and objectives. There are typically two types of organizations: business and non-business. A business organization sells products or services for profit. A non-business organization, such as a charity or hospital, exists to meet various societal needs and does not have profit as a goal. All organizations record, report, and, most importantly, use accounting information for making decisions.
This book focuses on business organizations. There are three common forms of business organizations—a proprietorship, a partnership, and a corporation.
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