Forms of Business Organizations:

Firms are the business organizations that organise factors of production to produce goods and services which are used to satisfy human wants.  A firm is thus a single production unit.  A group of firms producing the same good or service is called an industry.  In every country there are many firms ranging from those owned by one person to those owned by several persons.  Basically there are about three (3) types of firms namely:

• The Sole Proprietorship
• The Partnership
• The Joint-Stock Company or Corporation