4 major types of business ownership By: Luke Willis
This is the Simplest and most common structure to start a business with, however, it can be very risky.
All partners in the business have limited liabilities.
A partner is not responsible for anothers liability or neglegence and miscoduct.
Partners work together but aren't always responible for their partners mistakes.
A corporation is a legal entity that has been incorporated either by legislation or registration.