6. What are the three basic types business organizations? * 1.Sole Proprietors, Non Profits and Cooperatives
2.Corporations, Cooperatives and Franchise
3. Sole Proprietorships, Partnership and Cooperative
4.Sole Proprietorships, Partnership and Corporation

4.Sole Proprietorships, Partnership and Corporation

Explanation:

A sole proprietorship is probably the most popular form of business ownership. It a business owned by a single individual.  A sole proprietorship is simple to establish and operate. The owner does not require to consult anyone when making decisions. A sole proprietorship enjoys single layers of taxation, although the owner has unlimited liability to the business's debts.

When two or more friends or acquaintances combine efforts to create a business, they form a partnership. The partnership business is guided by agreements contained in the partnership deed. The agreement dictates each partner's role, the formula for sharing profits and losses, among other items. The income of a partnership is treated as the partners' income for taxation purposes.

A corporation is a complex business structure. Legally, a   corporation is recognized as a distinct and separate entity from its owners. A corporation is a legal person with rights to trade, enter into contracts, own properties, and incur debts. As a business, the corporation is expected to file income tax returns.  

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