The GWC Valves International company is a corporation and is now a chain store since there are a few in the world. There are many legal forms of any small business and these fall into the different categories of being a sole proprietorship, partnership or corporation. Usually many small businesses fall into the category of a sole proprietorship but any selection of business formation has its advantages and disadvantages. There are several different forms liabilities that are associated with each form of private business ownership which is a key issue as to what a company decides to own. When it comes to sole proprietorships, this is a business ownership in which the sole proprietors status as an individual is not legally separate from his or her status as a business owner. A partnership on the other hand involves an association of two or more persons who operate a business as co-workers by voluntary legal agreement.
A corporation is what the GWC Valves company is and they are a legal organization with assets and liabilities separate from the assets and liabilities of its owners. There are even not-for-profit corporations and these organizations have different goals since they do not include pursuing a profit.
There are also public and collective ownership of business which include public government ownership and collective co-operative ownership. There are key issues that someone planning to launch a new business must consider and business form is not a permanent decision. Many organizations actually evolve from a sole proprietorship to a partnership and corporation as needs change. The public ownership involves a government unit or agency owns and operates an organization whereas a collective ownership involves the owners working together to operate all or part of the activities in their firm or industry.