Types of bussiness

 1. Sole Proprietorship:

Owned and operated by one individual.

Simple to set up and manage.

Owner is personally liable for all business debts.

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2. Partnership:

Business owned and operated by two or more individuals. 

Different types exist, including general partnerships where all partners have unlimited liability. 

Limited partnerships can offer some liability protection for certain partners. 

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3. Limited Liability Company (LLC):

Combines features of partnerships and corporations.

Provides limited liability protection for owners, meaning their personal assets are protected from business debts.

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