The form of business ownership that most effectively limits the risk of ownership is LLCs and corporations.
What is the definition of business ownership?
- A person who creates and manages a company engaged in commercial, industrial, or professional activities with the intention of profiting from its successful operations is referred to as a "business ownership."
- Making a living or earning money via the production of goods or the purchase and sale of goods is known as business.
- Additionally, it includes "any activity or operation undertaken for profit."
- The most popular types of business ownership include corporations, which can be taxed as either C corporations or S corporations, limited liability partnerships, limited liability companies, series LLCs, and sole proprietorships.
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