A sole trader is a form of business that is owned by one person and is the easiest to form and operate of all other forms of business ownerships (Dlabay, Burrow & Kleindl, 2011). An example of a sole trader is a particular barbershop, which is owned and operated by one individual. He oversees the day-to-day running of the shop. A partnership is another form of business ownership, which is owned by two or more people. The partners run the business and divide profits depending on the stake of the partners in the business. The partners are all liable for the liabilities of the business (Dlabay, Burrow & Kleindl, 2011). Apple Inc. is one of the known successful partnerships, which was founded by Steve Jobs and Steve Woznik. The two combined their different skills to make Apple Inc a success. Apple is responsible for most of the notable technological innovations.
Limited companies exist separately from their owners. The JP Morgan Chase is an example of a limited company. It is a U.S. based company that provides financial and banking services multinationally. A public limited company is a company whose stock is open to purchase by the public by being listed on the stock exchange (Dlabay, Burrow & Kleindl, 2011). The Shell is an example of a public limited company. It is a multinational gas and oil company, which has its shares listed and open for public purchase. A franchise refers to a license by a business to another or to an individual to use its name or copyrights to carry out business. The MacDonald Corporation is an example of a franchise business. It is a company dealing with restaurants whereby the majority of its restaurants are owned independently. The owners of the restaurants acquire them through franchise.
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- Dlabay, L., Burrow, J.L. and Kleindl, B., 2011. Principles of business. Cengage Learning.