IGNOU BCOC 132 2026 - Explain the different forms of business ownership. Evaluate thei

Question

Explain the different forms of business ownership. Evaluate their relative merits and limitations.

12 Feb 2026

Answer :

Word Count : 323

Business ownership refers to the legal structure under which a business operates, determining responsibilities, liabilities, and the way profits are shared. The most common forms include sole proprietorship, partnership, limited liability company (LLC), and corporation. A sole proprietorship is owned and managed by a single individual. Its main advantage is simplicity; it is easy to establish, has minimal legal requirements, and the owner retains full control over decision-making. Profits are directly received by the owner and are taxed once as personal income. However, the owner bears unlimited

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