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Franchise: an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities

2 positives: Purchasing power
Networking

2 negatives:  Initial Payout
Royalty Payments

Some Examples Electricians. Florists. HVAC. Plumbing services. Professional service companies. Real-estate brokers.

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Limited Liability Company: is a business structure in the United States whereby the owners are not personally liable for the company's debts or liabilities.

2 positives: Fewer corporate formality
No ownership restrictions.

2 negatives:  LLCs are similar to corporations in that they offer limited liability protection to its owners.
LLCs also have fewer corporate formalities and greater tax flexibility. However, one of the disadvantages is that profits may be subject to self-employment taxes.

Some Examples: Blackberry, Pepsi-Cola, Sony, Nike, Hertz Rent-a-Car, eBay, IBM.

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writers and consultants, local restaurants and shops, and home-based businesses.

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Corporation: a company or group of people authorized to act as a single entity and recognized as such in law.

2 positives: It fosters peer learning and self-improvement.
Teamwork promotes diversity.

2 negatives: They have less capital incentives, which do not appeal to big investors.
They face interrelated investment disadvantages.

2 examples: Athlete, Speech Language Pathologist, Film Director, Veterinary Technologist., Costume Attendant, School Psychologist, Rehabilitation Counselor, Respiratory Therapist

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a company or group of people authorized to act as a single entity and recognized as such in law.

2 positives:two heads (or more) are better than one.
your business is easy to establish and start-up costs are low.

2 negatives: Liabilities. In addition to sharing profits and assets, a partnership also entails sharing any business losses, as well as responsibility for any debts, even if they are incurred by the other partner.
Loss of Autonomy.

Some Examples: GoPro & Red Bull, Pottery Barn & Sherwin-Williams, Casper & West Elm, Bonne Belle & Dr. Pepper, BMW & Louis Vuitton, Uber & Spotify, Apple & MasterCar, Airbnb & Flipboard.

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Definition: the state or right of owning a business or holding property.

2 positives:  A sole proprietor has complete control and decision-making power over the business.

Sale or transfer can take place at the discretion of the sole proprietor

2 negatives: of a sole proprietorship is the potential exposure to liability.

In a sole proprietorship, the owner is personally liable for any debts or obligations of the business.