Business OwnershipPrivate BusinessSole EntrepreneurThis is a person who decides to start a business in their own name. There may be other people working for the owner, but the business is quite small, and most likely very profitable. An example is a Chinese takeaway restaurant or fish and chip shop. Partnership From 2 to 20 people who come together to manage a business. They will probably employ other people to work for them. But the property belongs to the partners. A firm of lawyers, architects or doctors is a good example. Limited Liability Company (PLC) These companies can start as a family business and grow. The reference to "limited" refers to the extent to which the owners are responsible for the financial affairs of the business if they owe money or business receivables and must repay their debts. If 1,000 shares are available for issuance and Henry Smith owns three, he is responsible for three thousandths, 0.3 percent, of the company's debts. As a sole trader this would have been 100% and as a partner you will receive what constitutes the proportion of liability for the debts. Limited companies PLC or plc follow the trading name, as in Lloyds TSB plc. These are usually large organizations that hold a large number of shares. These shares have a listed value on the stock exchange. Franchises These are businesses run under the trade name of a much larger company. For example Body Shop and Burger KingPublic companiesCentral government ...