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Meaning and classification of business units

Answer Text:
Forms of Business Units.
- A business unit refers to an entity formed to produce goods and services in order to make profit.
- Business units are classified as either incorporated or unincorporated.
- Unincorporated business units are firms
that do not exist as separate entities from their owners and include:
(i) Sole proprietorship.
(ii) Partnership.
-Incorporated business units are firm that exist as separate and distinct entities from their owners and include:
(i) Co-operative society.
(ii) Public companies.
(iii) Private companies.
(iv) Parastatals.
(v) Public corporations.