Microeconomics studies particular firms, households, banks etc. Business organizations may be

Microeconomics studies particular firms, households, banks etc. Business organizations may be considered as firms or companies. They produce goods or render services. They also rent or purchase buildings, land, and equipment. They market and advertise their products. They deal with government and courts, as well as with banks, insurance companies.
From the legal point of view there are three basic kinds of business firms: 1) proprietorships, 2) partnerships and 3) corporations. A proprietorship is simply a one owner firm. The proprietor is responsible for all personal and business debts and losses, he provides the capital and executes the total management. To start the business of this kind it is necessary to obtain licenses required by the law.
The proprietorship form has several advantages, such as: simplicity of organization, freedom to make all decisions, tax advantages etc. Among disadvantages the following are worth mentioning: possible lack of ability and experience, difficulty in raising capital.
Partnerships are firms owned jointly by two or more persons who are co-owners of business. Partnerships are based on agreement, which should cover all areas of possible disagreement among the partners. Advantages of the partnership may be combined talents, judgments, skills as well as larger capital and tax advantages. Disadvantages of this form are divided authority, danger of disagreement etc.
Corporation is a firm owned by a group of people, called stockholders, and given rights, privileges and liabilities by law. The advantages of the corporation are the variety of skills, abilities and ideas, ease of expansion. Disadvantages of this form of ownership may be as follows: government regulation, profit sharing, taxes. Corporation has the right to conduct business as if it were one person.
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