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Def: a type of enterprise that is owned and run by one person in which there is no legal distinction between the owner and the business entity.
Examples: 1)Single person art studio 2) local grocery store
Positives: Easy to set up and owner has 100% control.
Negatives: Unlimited liability. Your small company is personally liable for all debts and action of the company. Limited view in business management is also a con because you are the only one making decisions, so the chances of your objectivity being impaired is high.

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Corporation and Limited Liability Company

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Corporation and Limited Liability Company

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Def: a business organization that allows limited partners to enjoy limited personal liability while general partners have unlimited personal liability.
Examples: Attorneys, accountants, architects, licensed financial advisers.
Positives: Limits potential Legal Liability. Allows for flexible roles for partners.
Negatives: Public disclosure. Income is personal income and is taxed accordingly.

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Def: a formal arrangement of two or more parties to manage and operate a business and share profits.
Examples: 1)Louis Vuitton and BMW 2)Spotify and Uber
Positives: Extra set of hands, additional knowledge, reduced financial burden.
Negatives: less independence, potential conflict, divided profits.

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Def: an authorization granted by a government or company to an individual or group enabling them to carry out specified commercials, activities, providing a broadcasting service or acting as an agent for a company's products.
Examples: 1)McDonald's 2)Subway
Positives: Motivated Management. Speed of growth.
Negatives: Initial payout. Limited creativity/flexibility.