Ownership and Governance
Different entities have different names for the owners. How you refer to the owners of the business is important. If you don’t speak with precision, you will lose credibility. It is also important for business owners to use the correct term to refer to their co-owners, although in my experience owners often call one another “partners.”
💡Think about why it matters what term a business owner uses when referring to their co-owners.
The correct names are in the table below:
| Business Entity | Owner |
|---|---|
| Corporation (C or S) | Shareholder or Stockholder |
| Partnership | Partner |
| Limited Liability Company (LLC) | Member |
| Sole Proprietor | Owner |
| Limited Partnership | General Partner/Limited Partners |