Types of Business

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Types of Businesses and Business Ownerships

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Types of Business

Franchise

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

- Expensive

- Most of the business steps have been laid out

Co-operative

- A group of people who get together

- Complicated - Not popular

- Limited liability

Corporation

- Loyal entity

- Very complicated to set up - Income tax - Expensive to set up and administer

Subtopic

- Shareholders don't lose when the company does - Owners keep personal assets - Board of Director to enlarge company

Partnership

- Two or more people - Partnership roles/Responsibilities outlined in contract

- Can both be sued

- Easy to set up - Debt is shared

Sole Proprietorship

- One owner - No distinction between the owner and the person

- All debts to the owner - Personal liability

- Pretty easy to set up - He/she will have unlimited liability for all debts of the business - All profits to the owner - Income taxes are low