Types of Businesses

A business owned and operated by one person. The owner is responsible for all operations of the business and assumes all the risk.

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

• Non-Profit

A form of business organization in which two or more people own and operate the business together.

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

• Non-Profit

A legal entity that exists independently of its owners. The owners are called shareholders.​

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

• Non-Profit

A business structure where they purchase the rights to use a business' name, sell their product or service, marketing, etc.

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

• Non-Profit

I am starting my first ever business, selling a product locally in my hometown, and I won't need any employees to start. In your opinion what is the best business structure for me to use?

• Franchise

• Sole Proprietorship

• Corporation

• Partnership

Difficult and costly to start

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

Easiest form to start and most common form of business

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

Legal and financial responsibility is shared

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

Requires an article of incorporation filed with the government to start

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

Owner keeps all of the profits

• Sole Proprietorship

• Partnership

• Corporation

• Franchise