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a formal arrangement by two or more parties to manage and operate a business and share its profits

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an organization—usually a group of people or a company—authorized by the state to act as a single entity and recognized as such in law for certain purposes

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the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation

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a method of distributing products or services involving a franchisor, who establishes the brand's trademark or trade name and a business system

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a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity

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Little to no restrictions
Low startup cost

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Hard to raise money
unlimited liability

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Local restaurants
Home based businesses

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More people to split work with
Additional ideas and knowledge

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Potential conflicts/arguments
divided profits

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Spotify & Uber
Red Bull & GoPro

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Ability to raise capital
centralized management

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increased legal expenses
double taxation

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Amazon
Apple

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The company does not have to distribute income equally
There are less legal requirements

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Different states may have different regulations for the company
It is more difficult to raise capital

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Sony
Nike

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better branding
less investment

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franchise costs
loss of independence

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McDonald's
KFC