Which ownership is this "You are considering purchasing a business that is for sale in your hometown. This is your opportunity of becoming a business owner by purchasing an existing business. Mr. Jacobs, the present owner, wishes to retire so he is looking for someone to purchase his business including the inventory and shop. After some market research and auditing his books, you decide to purchase the business."

Business Ownership

This is purely a Sole Proprietorship type of business ownership.

Explanation:

Some of the characteristics of a sole proprietor business are indicated in the scenario.  The former business is owned by Mr. Jacobs, according to the scenario, "the present owner."  Mr. Jacobs is desires of retiring and selling off his shop.  What are the assets of the business?  They mainly consist of Inventory of merchandise and the shop itself, which may be rented. This is the basic form of business ownership globally.  Some sole proprietor businesses grow to become conglomerates while others remain one-shop businesses, like Mr. Jacobs'.  Perhaps, the second owner may do better and take the business to the next stage.

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