Business types

Jared Griffith

Sole Proprietorship
My horse Ferrier has a sole proprietorship because he does all the work and collects all of the profit himself. The business is run and owned by one individual.

Partnership
Griffith Builders is an example of a partnership between my grandfather and my dad. It is a legal business where the profit and responsibilities are shared between a few individuals.

Corporation
Walmart would be an example of a corporation because it is an independent legal entity owned by shareholders.

Limited Liability Company (LLC)

A limited liability company is a type of business organization that combines some aspects of a corporation with those of a sole proprietorship or partnership. Lloyds Lawn Care in Abingdon is an example of an LLC.