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Definition: the ability to   sell a product or service under the franchisor's business name
Pros: marketing support, Reputable Suppliers
Cons: initial payout, royalty payments
Example: McDonalds, Hilton

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Definition: A corporation is usually a group of people or a company—authorized by the state to act as a single entity
Pros: Owners have limited liability, certain tax deductible
Cons: Coat more, more state and federal regulations
Example: Apple Inc. , Microsoft Corporations

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Definition:  US-specific form of a private limited company
Pros: Members have flexibility in structuring the company management, No restrictions on the number of members allowed
Cons: an LLC member, you cannot pay yourself wages, Compared to a sole proprietorship or partnership is a little more expensive to operate
Examples: Blockbuster, Westinghouse

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Definition: Business owned and run by one person
Pros: affordable start up cost, tax benefits
Cons: Fewer financial resources, Liability
Example: Single person art studio
local grocery store

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Definition: A formal arrangement by two or more parties to manage and operate a business and share its profits.
Pros: Easy to get started, shared burden
Con: emotional issues, complicated to sell in future
Example: Red Bull & GoPro, Spotify & uber