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Definition: A business owned by a company or corporation that is wide-spread with multiple locations.
Pros:
* Franchises are less risky, they allow one to own a business without all of the responsibility of one
* Franchises allow individuals to achieve financing options easier
* Franchises also always have a ready-business plan. These eliminate the stress of executing a self-made business plan
Cons:
* Franchises cost more to open and maintenance than a usual self-owned business
* In a franchise, how your business is run and how much money you bring in is not up to you
Examples:
* McDonalds
* Subway
* Chick-fil-a

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Definition: A business owned by a person(s) that allows the owner to operate without the worries of  liabilities and debt. These types of companies are usually smaller and a single location.
Pros:
* Ownership, in an LLC, all owner(s) have equal say in what happens and what goes
* It isn't too hard to start up an LLC, you need to fill out state paperwork, agreements, and pay for the fees that come with it
* In an LLC, you are personally protected from any if the companies wrongdoings/ liabilities.
Cons:
* LLC are slightly expensive to maintain and keep open
* In an LLC, owner(s) must emphasize on keeping business ideas and actions separate from personal ideas and actions. This is very important to maintain the integrity of the company
* Some owners of an LLC may have to pay taxes that other types of businesses do not have to pay
Examples:
* United Title Services LLC
* Woodwind Construction, LLC
* Beachy Companies, LLC

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Definition: A business owned by a group of people that assumes the responsibility of one person. Corporations can get loans, sue, get sued
Pros:
* Like an LLC, owners of a Corporation have limited liability which covers themselves from the actions and wrongdoings of the Corporation
*  Entices employees with stocks and investments in the corporation
* Corporations are generally interest more investors than other businesses
Cons:
*  Harder to establish, you have to have a wide array of paperwork that come with a Corporation
*  Corporations are always under heavy regulations that sometimes interferes with the profit/ income of a business
Examples:
* Apple Inc.
* Microsoft Inc.
* Walmart Inc.

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Definition: A formal agreement between two or more people/ businesses. In a partnership, all included are responsible for the company and it's liabilities and split profits in the same way.
Pros:
* Management within a partnership, along with responsibilities, can be divided among the owners
* Allows for more money to be invested into the corporation. The more people within the company, the more money being put into it
Cons:
*  Within a partnership, all profits are split in whatever margin
*  Certain taxes and costs may be imposed on some partnerships
Examples:
* Louis Vuitton and BMW
* Spotify and Uber
* GoPro and RedBull

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Definition: A business owned by one single person that allows them to run a business without filing any large claims or files. There is no required state filing with a Sole Proprietorship.
Pros:
* owner has full control of the business and collects all of the income
*  Very simple to set up and begin the business
Cons:
* In a sole proprietorship, there is no difference between an owner's personal and business ideas and actions. The same goes for the finances of the business
*  Owner is responsible for all responsibilities/ liabilities/ debt of the business
Examples:
* Lawn Mowing business
* Snow Shoveling business
* PC repair business