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Sole proprietorship is an unincorporated business with only one owner.

Positives: 1) easier to set up then other business entities
2) Owner maintains 100% control

Negatives: 1) Can be perceived as unprofessional
2) Difficult to raise money

Examples- J.C. Penney and Sears were both started as sole proprietorship.

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Partnership is a formal agreement between two parties to jointly manage and operate a business.

Positives: 1) You share the burden with someone else
2) Better decision-making

Negatives: 1) Can get in fights/disagreements with partner
2) Trust issues

ex: Ben&Jerry's, Warner Brothers, Apple

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An organization (group of people or company) authorized by the state to act as a single entity.

Posititves: 1) Easier access to capital
2) Business security and continuity

Negatives: 1) Lacks business confidentiality since public reports are available to competitors
2) There are extensive rules and laws

ex: General Motors, Walmart

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A business structure that protects its owners from personal responsibility for its debts or liabilities.

Positives: 1) No restriction of number of members allowed
2) Owners are not personally responsibly for business debts

Negatives: 1) Costs more to form and maintain than a sole proprietorship
2) Ownership is harder to transfer

ex: Nike, Pepsi, Blackberry

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A business that gives the right to another person or business to sell goods or services using its name.

Positives: 1) Easy expansion capital
2) Minimized growth risk

Negatives: 1) Less control over managers
2) Weaker core community

ex: McDonald's, Starbucks