Final answer:
There are three types of ownership of an organization: sole proprietorship, partnership, and corporation. Sole proprietorships and partnerships are typically small or medium-sized businesses, while corporations can range from small to large.
Step-by-step explanation:
There are three types of ownership of an organization: sole proprietorship, partnership, and corporation. A sole proprietorship is owned and operated by one person, making it the most numerous and easiest type of ownership to start. A partnership is owned by two or more people who share the profits and liabilities of the business. A corporation is a separate legal entity owned by shareholders, and it provides limited liability protection to its owners. In terms of classification by size, sole proprietorships and partnerships are typically small or medium-sized businesses. Corporations, on the other hand, can range from small to large, with some being multinational conglomerates.