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Sole Proprietorship is an unincorporated business owned and run by one individual with no distinction between the business and you, the owner.

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A partnership is the process between two or more people to do trade or business. Each person shares profits and losses and contributes the same amount.

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A corporation is a legal entity that is separate and distinct from its owners. They can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes.

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A Limited Liability Company is a business structure allowed by state statue.

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A franchise is a method of distributing products or services involving a franchiser, who establishes the brand and a franchisee, who pays a right to run the business.

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Positive:
-Pass through taxation
-No restriction on members

Negative:
-Costs a lot to form and maintain
-Transferable ownership is difficult

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Positive:
-Lower failure rate
-Buying Power

Negative:
-Dependent on franchiser success
-Limited creativity/flexibility

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Positive:
-Easy to establish
-Have complete control

Negatives:
-No liability protection
-On your own

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Positive:
-More cash than sole proprietorship
-Moral/Work support

Negative:
-Loss of autonomy
-Lack of stability

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Positive:
-Personal liability protection
-Easier access to capital

Negative:
-Tax liability
-Heavy regulation

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1. Sony

2. Nike

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1. Subway

2. McDonalds

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1. Local grocery store

2. Artist

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1. Red bull & GoPro

2. Dr. Pepper & Bonne Belle

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1. Google

2. Target