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- An authority that is given by an organization to someone, allowing them to sell its goods or services or to take part in an activity which the organization controls
-Pros are that is comes with a ready made business plan, and are less risky
-Cons are that you have less flexibility and high startup costs
-Examples are Starbucks and McDonalds

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- A business where the owners are not personally liable for the company's debts or liabilities.
-Pros are that it protects you from business liability, and are easy to form and maintain
-Cons are that there are more tax forms, and formation costs and fees
-Examples are Sony and Nike

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-  A legal entity that is separate and distinct from its owners
-Pros are business security and liability protection
-Cons are rigid protocols and being time consuming
-Examples include Google and Amazon

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-  Two or more people share ownership, as well as the responsibility for managing the company and the income or losses the business generate
- Pros are that you have extra knowledge and less financial burden
-Cons are that you have less independence and divided profits
-Examples are a startup company between two friends, or a big company owned by multiple people.

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- A business owned and run by one person
-This is good because you have complete control and flexibility, and you receive all profits
- Negatives are that you are liable for all debts, and it is harder to get loans
-Examples would be a small business in downtown Frederick owned by one person, or an etsy shop.

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Gabby Thompson