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Sole proprietorship is where one single person owns and is fully in charge of their business.

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Pros-
1) You make the decisions for your company.
2) You don't have us much government taking.
Cons-
1) You are fully responsible for all business debt and failures.
2) More difficult to raise money and get funding.

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1) Local grocery store
2) Freelance writer

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A partnership is where two or more people agree to run a business together.

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A corporation is a legal business that is a separate asset from the owners.

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A limited liability company is a U.S. business where the person is unincorporated from the company.

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A franchise is a business where the owner licenses the company to others to have more outlets.

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Pros-
1) You have access to capital.
2) Less responsibility falls on just one single person.
Cons-
1) Less percent of the profit goes to you.
2) Possibility of conflict.

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Pros-
1) Your business has more security.
2) You can gain tax benefits.
Cons-
1) You have a long and tedious application process.
2) It is expensive to create and keep running.

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Pros-
1) You can secure tax and business benefits.
2) You have flexibility within a membership.
Cons-
1) Large amount of initial paperwork to get started.
2) There is limited investment help.

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Pros-
1) Can be easier to secure financing.
2) You already have a business plan laid out.
Cons-
1) Franchise fees tend to be very high.
2) The fate of a franchise isn't really in your control.

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1) Microsoft (Bill Gates and Paul Allen)
2) Google (Larry Page and Sergey Brin)

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1) Starbucks
2) Target

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1) Johnson and Johnson
2) Nike

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1) Dunkin Donuts
2) McDonalds