4. Partnership
• A business owned and controlled by two or
more people who have entered into a
written agreement.
• Easy to start
• Share investments and profits
• Share debt and business failure
5. Limited Liability Partnership
• A partnership where an
investor cannot lose more
than they have invested
• No allowed to participate in
day-to-day management
• Difficult and costly
6. Joint Venture
• A unique business organized by two or more
other businesses to operate for a limited time
for a specific project
7. Corporation
• A separate entity formed by documents filed
with the state.
• Owned by one or more share holders
• Managed by a board of directors
• Owners invest in the business by purchasing
shares of stock
• Most legal requirements
9. S-corporation
• Offers limited liability of a corporation
• All investment is passed through owners based
on their investment
10. Limited Liability Company
• Liability protection for owners
• Simpler set of organizing and operating
requirements than a corporation
11. Non-Profit Corporation
• A group of people that join to do some activity
that benefits the public.
• Raising funds, take donations, etc.
• Government approval
12. Franchise
• A written contract granting
permission to operate a
business to sell products
and services in a set way.
• Company grants rights to a
franchisee
