Types of Businesses
Proprietorships, Partnerships, and corporations
Each type of business is different
Proprietorship
A company or business owned by a single person or proprietor. It allows the owner more freedom in their business decisions, but also entails more personal risk.
Partnership
A company or business owned by two or more people. This allows less personal risk, but it limits the individual freedom in business decisions.
Corporation
A group of people who are legally seen as one entity when running a company or business. There are limited legal liabilities when one is a part of a corporation, but there is a lot of time and cost in forming and running a corporation.