Types of Business

A type of business that is owned by one person.

• sole proprietorship

• franchise

• corporation

• partnership

A type of business that is owned by two or more people.

• sole proprietorship

• franchise

• partnership

• corporation

A type of business that is owned by many people, but treated by law as one person.

• sole proprietorship

• franchise

• partnership

• corporation

A contractual agreement to sell a company's products or services in a specific geographic area.

• sole proprietorship

• franchise

• corporation

• partnership

Taco Bell, McDonald's, and Block Buster are examples of this type of business.

• franchise

• corporation

• partnership

• sole proprietorship

Nike, IBM, and Google are examples of this type of business.

• franchise

• corporation

• partnership

• sole proprietorship

Law firms, medical practices, and auto body repair shops are examples of this type of business.

• franchise

• corporation

• sole proprietorship

• partnership

Floral shops, bookstores, and farms are examples of this type of business.

• sole proprietorship

• franchise

• corporation

• partnership

1 advantage is the business is easy to start.

1 disadvantage is the owner must pay for everything needed for the business.

• franchise

• partnership

• corporation

• sole proprietorship

1 advantage is the business can rely on the good name and expertise of the parent company.

1 disadvantage is the business is limited in what products and services can be sold.

• sole proprietorship

• corporation

• franchise

• partnership