3 Types of Business

Pedro M.

Sole Proprietorship

This type of business is run by one single person, and there is not a legal distinction between a owner and the business.

(advantages-Controls everything, Own all profit).(disadvantages- If you die your business can get lost, You have to pay everything if your business fails).

One example of this Business is landscaping business.


A business owned and operated by two or more people.

(Advantages- Easy start up, Easy in making decision)

(Disadvantages- Unlimited liability, less profit for one person).

Walmart and fast food restaurants.


A legal entity that is separate and distinct from its owners.

(Advantages- Owner can sell stocks and get profits from it, More chances to growth the business).

(Disadvantages- Difficult start up, paying taxes on income).