What are the four forms of a business?

The four main forms of business are sole proprietorship, partnership, corporation, and limited liability company (LLC). A sole proprietorship is owned by one individual, while a partnership involves two or more people sharing ownership. A corporation is a separate legal entity that provides limited liability to its owners, and an LLC combines features of both corporations and partnerships, offering flexibility and protection from personal liability. Each form has distinct legal, tax, and operational implications.