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A sole proprietorship is a business that is started and managed by one person.

Examples of a sole proprietorship are:

A lemonade stand

A bracelet making business

Positives of a sole proprietorship include:

Easy to open and easy to close

Not very complicated so not a lot of education required

Negatives of a sole proprietorship include:

Only last as long as one lives

Finances aren't separated which could impact the business owner

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A partnership is when two or more people agree to start a business.

Examples of a partnership are:

you and your friend opening a real deal bakery

A father son duo mowing and trimming people's lawns

Positives of a partnership include:

divided responsibility

less potential competition

Negatives of a partnership include:

conflict can tear the business apart

Licensing needed

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A corporation is a legal entity that exists outside of its owners.

Examples of corporations include:

Microsoft

Apple

Positives of a corporation include:

Typically on the stock market

Taxed at different rates

Negatives of a corporation include

require more education and licensing because they exist as a legal entity

has to maintain liability to the shareholders

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A business franchise is a business with multiple locations that are spread out across a given area.

Examples of franchises include:

McDonalds

Walmart

Positives of franchises are:

Most franchises are treated like corporations

Spread out gains more income

Negatives of franchises are:

high upfront costs for starting a franchise

lack of creative freedom