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Sole proprietorship

Partnership

Limited liability company (LLC)

Non-profit organisation

Co-operatives

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An unincorporated business that is owned and managed by a single individual

The owner pays personal income tax on profits earned from the business

Easiest type of business to establish or dismantle due to a lack of government regulation

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A partnership is an arrangement between parties (commonly referred to as business partners) to advance their mutual interests

Helps businessmen and shareholders to gather more ideas

Often best for a group of professionals in the same line of work

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There are four major sectors of business. These are primary, secondary, tertiary and quaternary

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The primary sector of the economy involves the extraction and production of raw materials. Examples of primary sector businesses include farming, mining, fishing, logging, and quarrying. Primary sector businesses typically sell their products to industries in the secondary and tertiary sectors. The primary sector is the foundation for all other businesses.

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The quaternary sector consists of those industries providing information services, such as computing, ICT (information and communication technologies), consultancy (offering advice to businesses) and R&D (research, particularly in scientific fields).

The quaternary sector is sometimes included with the tertiary sector, as they are both service sectors. The tertiary and quaternary sectors make up the largest part of the UK economy, employing 76 per cent of the workforce.

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A business structure that protects its owners from personal responsibility for its debts or liabilities

Hybrid companies that combine characteristics of a corporation with those of a partnership or sole proprietorship

Forming a LLC is easier than forming a corporation as it provides more flexibility

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Owned and managed by its members, who share the benefits of the goods and services

Exist to fulfill a common need of their members such as improved services, access to unobtainable supplies or social and environmental goals

Operate on principles of democracy, equality and fairness

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The secondary sector of business is concerned with manufacturing raw materials into finished goods. This sector collects raw materials from industries in the primary sector and processes them into consumable products. Examples of businesses that operate in the secondary sector include car manufacturers, food production, and building companies. A large secondary sector is very indicative of a country that is actively undergoing industrialisation and, by extension, improving socioeconomic development.

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A legal entity that is organised and operated for a collective, social or public benefit rather than just to make a profit

May receive funding from individuals, corporations, public entities or other entities

Usually established to follow a career of philanthropy rather than to become an entrepreneur

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Tertiary The tertiary sector of industry is concerned with providing a service. Services are activities that are done by people or businesses for consumers. Examples of businesses that operate in the tertiary sector would be hairdressers, banks, supermarkets or cinemas.