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A franchise is an authority that is given by an organization to someone, allowing them to sell its goods or services.
Positives: less risky than independent business and you have business support
Negative: limited creativity and decreased profit
Examples: McDonalds and Subway

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It is a hybrid entity that combines aspects of the corporation and partnership.
Positives: no ownership restrictions and fewer corporate formalities
Negatives: fewer fringe benefits and more expensive to operate
Examples: Pepsi-cola and Nike

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It is a legal entity that is separate and distinct from its owners, Investors purchase shares of stock as evidence of ownership
Positives: limited liability and easier access to capital
Negatives: double taxation and time-consuming
Examples: coca-cola company and microsoft corporation

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It is a business consisting of two or more parties that operate it and share it's profits.
Positives: you have less financial burden with a partner and you benefit from additional knowledge
Negatives: Disagreements might arise and there's more liabilities
Examples: law firms, uber & spotify

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It is a business with only one owner who pays personal income tax on profits earned.
Positives: they're easy to form & operate and it's more affordable since no legal documents need to be filed in most cases
Negatives: uncertain business life and you have unlimited liability for debts.
Examples: a local grocery store and baker or chef