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A business owned and run by one person. The owner makes all decisions and keeps all profits but is also personally responsible for any debts.

Positive- Easy to start; the owner keeps all profits

Negative- Owner is responsible for any debts and losses

Examples: A local bakery owned by one person; A freelance graphic designer working independently

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A business owned by two or more people who share profits, responsibilities and debts.

Positive- Shared responsibilities and skills among partners

Negative- Partners are personally responsible for each others mistakes and debts

Examples: A law firm run by two or more lawyers; A small restaurant co- owned by a chef and business partner

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A business that is legally separate from its owners. It can make profit, be taxed and be sued on its own. Owners (shareholders) usually aren't personally responsible for its debts.

Positive- Owners have limited personal liability; can raise money by selling stock

Negative- Takes longer to set up; strict regulations

Examples: Apple inc.

Coca-Cola Company

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A business that allows someone to use the brand, product and business model of an established company in exchange for fees.

Positive- You get a proven business model and brand recognition which could lead to success.

Negative- You have less control of how the business is ran and you must pay fees.

Examples: Subway, McDonalds