Types of Business

This type of business is owned by one person.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

This type of business is owned by two or more people.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

A business owned and controlled by at least two people who have entered into a written agreement.

• proprietorship
• partnership
• corporation
• conglomerate

A business owner who prefers to maintain complete control of all business activities might consider structuring the venture as a(n)

• sole proprietorship
• general partnership.
• franchise
•  corporation.

Disadvantages include double taxation and more government regulation

• Sole Propriotorship
• Partnership
• Corporation

This type of business organization can be owned by two or more people who share unlimited liability for business debts

• Sole Propriotorship
• Partnership
• Corporation

The disadvantages of this business organization include unlimited liability, difficulty raising financial capital, difficulty attracting qualified employees, and having a limited life

• Sole Propriotorship
• Partnership
• Corporation