Title: Describe types of business ownership in the fashion industry.
Course: Fashion Marketing, Advanced (12153-II) > Section: Exploring Entrepreneurship

Description should include types such as sole proprietorship, partnership, and corporation. Description should also include the basic operational organization, necessary license or charter, and advantages and disadvantages for each.

Process/Skill Questions:

- What are general and limited partners, and what are their roles in a partnership?
- What are the advantages and disadvantages of various types of business ownership?
- What documentation is required to set up various types of businesses?
- How does franchising work in the fashion industry?
- What are advantages and disadvantages of owning your business vs. working for someone else?
- What types of risks do entrepreneurs face?