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What are the different types of business organizations?
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The different types of business organizations include sole proprietorships, partnerships, limited liability companies (LLCs), corporations, and cooperatives. Sole proprietorships are businesses owned by one individual who is responsible for all financial obligations and liabilities associated with the business. Partnerships involve two or more people who share in the profits and losses of the business. Limited liability companies (LLCs) are a hybrid between a partnership and corporation. Corporations are formed under state laws and have their own legal identity separate from its shareholders. Cooperatives are groups of people working together to achieve shared goals without any outside investors.