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A Sole Proprietorship is a business that is ran and owned by one individual. This individual is accounted for all of the losses and dept, but is also able to make decisions by themselves and also take all of the profit. Some examples can be barbershops, carpet cleaning, landscaping, and etc. Some of the advantages of a Sole Proprietorship is that they are really easy to form and begin some just may require to meet some regulations from the government, the business is also ran by the owner they have all of the power in their hands, lastly they profits are only taxed once compared to corporations which receive double the tax. The disadvantages are that the owner has unlimited liability, they are responsible with all of the debt and if needed the owner will sell their personal assets to cover the debt, also they have very limited ability to fund money to expand the company. These businesses also come to an end when the owner retires or dies, Sole Proprietorships have a limited life so employees might not want to work for a business that is not going to last very long.

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A Partnership is a business that is owned by two or more co-owners/partners. These partners share the profits made from the business, and are legally responsible for the debts. Some examples of a Partnership are medical offices, law offices, and etc. Some advantages of Partnerships are they benefit from specialties of the partners involved, each partner can contribute to the business in a area they skilled in, also the profits from the business is the income for the partners and they each only pay personal taxes similar to Sole Proprietorships, they do not receive corporation taxes which tax twice.

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A Corporation is a business that is own by it's stockholders, the stockholders own an asset, something of value from the firm. Corporations are also a legal entity, like an individual, so the Corporation has the ability to own assets like property, they pay taxes, sue or be sued, have contracts, etc. The stockholders are the owners of the Corporation and they have the ability to elect a board of directors that make decisions corresponding on policies, goals, selling producing, and how much will be payed to the stockholders. The advantages of a Corporation is that the stockholders have a limited liability, they are not accounted for any debts or have to lose some personal assets, they are only responsible for their stock. Corporations continue to exist and do not depend from it's owners. Corporations also sell stock which benefits the stockholder as they have limited liability, this brings people to invest and the Corporation raises large sums of money. Some disadvantages are that they are subject to double taxation, their profit is can really be affect from this. Another disadvantage is that Corporations are hard to setup and organize compared to sole proprietorship and partnerships.

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A Franchise is a business contract in which a parent company or corporation (Franchiser) provides the buyer (Franchisee) to use it's name and sell goods and services. The Franchisee has to meet certain requirements from the Franchiser, and also make certain payments in return. Some examples of a Franchise are McDonald's, 7-11, Subway, and etc. Some advantages of a Franchise include advertisement because these Franchises are very big they are included in advertisements during TV commercials, on billboards and more. As well these Franchises are usually proven to be successful and they are not as risky as starting a own business like a restaurant, failing from owning a Franchise business is lower than a independently owned business. The disadvantages are that business arrangements between the Franchiser and the Franchisee are not always very smooth, either the Franchiser or the Franchisee do not play their part and the arrangements can start to fall out.

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Business firms need bosses/managers to take responsibility and give orders to the employees and also make those employees carry out those orders. Also they are responsible for inspiring and motivating the employees so that the orders are done on time, effectively and nothing is being shirked.

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Shirking is when a worker or employee is putting less effort than the agreed to effort. This means that if an employee is required to do print 600 papers or make 300 letters, etc, and they do less than what they agreed to do they are shirking. The effects of shirking is that other employees that are not shirking can be affected by the employee that is not putting in the work agreed on and shirking.