Types of Businesses

Types of Businesses

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  • Sole Proprietorship When a business is owned by 1 person
  • A business like this is easy to start, but it is difficult to obtain capital needed to start 
  • Partnership Owned By 2 people
  • This business is relatively easy to start, but partnership must be organized if one partner quits
  • Franchise  A contractual agreement tot sell a company's product 
  • This business is easy to start, but some franchisers are strict about how the business runs. 
  • Corporation Owned by many people/stockholders, but treated by law as one person  
  • This business can raise money by selling stock, but they are taxed on their profits.
  • Profit Making Business Businesses whose motive is making a profit (earning more revenue than expenses)
  • This business produces and distributes goods and services based on consumer demand. Example: Domino's Pizza
  • Non-Profit making Business Focus on providing a service instead of making a profit Advantages
  • This business usually benefits an organization,cause,need, or a public purpose, but it cannot be run for the financial gain of members or directors. 
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