Businesses come in many shapes and sizes, and the type of business you choose can have a big impact on how successful your venture will be. There are three main types of businesses: sole proprietorships, partnerships, and corporations.

A sole proprietorship is a business owned and operated by one person, and the owner is ultimately responsible for any debts or losses incurred by the business. Partnerships involve two or more people who each agree to share the profits and losses associated with running a business. Finally, corporations are entities that are separate from their owners and which may own assets, enter into contracts, and pay taxes. Each type of business has its own advantages and disadvantages, so it’s important to consider them all carefully when deciding what type of business to start.