The three types of businesses
By: Timothy Hobbs
Sole Proprietorship
The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.
Ex.Owning a barbershop.
Corporations
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
Ex. Mcdonalds
Partnership
A business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.