Types of Business and Forms of Business Ownership
Sole Proprietorship
Definition
an individual entrepreneurship
one person is legally responsible for the business
owned and run by a person
Examples
small art studio
small bakery
Partnership
Definition
a business managed by two or more parties
members share legal responsibilities and profit
Examples
Spotify and Uber
/cdn.vox-cdn.com/uploads/chorus_image/image/53733041/uspo_press_v03_a1.0.png)
Louis Vuitton and BMW
Corporation
Definition
business controlled by board of directors
business is legally separate from the shareholders
Examples
Microsoft
Apple
Franchise
Definition
individual entrepreneurship that uses a larger companies brand and logo
rights to sell their products
a strategy to expand a business
Examples
Mcdonalds
Krispy Kreme
Co-operative
Definition
a business controlled and owned by the members
non-profit business type
a private business or organization
Examples
Costco
Canadian University Press
Service
Definition
provides services to client
Examples
Uber
Bell
Manufacturing
Definition
turns a raw material into a product
could be sold straight to customers or sold to other businesses then resold
Examples
Levi's
Canada Goose
Merchandising
Definition
purchase made goods then resells them
Examples
Walmart
Shoppers Drug Mart
E-commerce
Definition
goods or services brought to the customers online
Examples
Ebay
Amazon
Non-profit
Definition
business that makes no profit
shareholders does not financially benefit
Examples
Red Cross
Unicef