What are the six business types?

The six common types of business structures are sole proprietorship, partnership, corporation, limited liability company (LLC), cooperative, and franchise. A sole proprietorship is owned by one person, while a partnership involves two or more individuals sharing ownership. Corporations are separate legal entities owned by shareholders, and LLCs combine features of partnerships and corporations for liability protection. Cooperatives are owned and operated by a group for mutual benefit, and franchises allow individuals to operate a business under an established brand.