Examples of a sole proprietorship are:

• A lemonade stand

• A bracelet making business

Positives of a sole proprietorship include:

• Easy to open and easy to close

• Not very complicated so not a lot of education required

Negatives of a sole proprietorship include:

• Only last as long as one lives

• Finances aren't separated which could impact the business owner

  
  

Examples of a partnership are:

• you and your friend opening a real deal bakery

• A father son duo mowing and trimming people's lawns

Positives of a partnership include:

• divided responsibility

• less potential competition

Negatives of a partnership include:

• conflict can tear the business apart

• Licensing needed

Examples of corporations include:

• Microsoft

• Apple

Positives of a corporation include:

• Typically on the stock market

• Taxed at different rates

Negatives of a corporation include

• require more education and licensing because they exist as a legal entity

• has to maintain liability to the shareholders

Examples of franchises include:

• McDonalds

• Walmart

Positives of franchises are:

• Most franchises are treated like corporations

• Spread out gains more income

Negatives of franchises are:

• high upfront costs for starting a franchise

• lack of creative freedom