Types of Business:

By: Rachel & Anthony.

Sole Proprietorship:

  • Sole Proprietorship is a type of business that is owned and ran by one person.
  • Advantages: Easy to start-up, and only one who receives all of the profits.
  • Disadvantages: Unlimited personal liability, and any problem is on the owner.
  • Example: Attorney, Cecil L. Whitley.


  • Partnership is a single business where two or more people share ownership. Each partner contributes to all the aspects of the business.
  • Advantages: Shared decision making, and have a larger pool of assets.
  • Disadvantages: Unlimited liability, and any problem both of the partners are responsible.
  • Example: T-Ville Dinner.


  • Corporations is an independent legal business owned by share holders.
  • Advantages: Limited liability for owners, and owners can sell stock and get money in return.
  • Disadvantages: Expensive, and can have potential loss of control of the business.
  • Example: Food Lion.