Types of Business

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Types of Business by Mind Map: Types of Business

1. Sole Traders

1.1. a person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.

2. Partnerships

2.1. A legal form of business operation between two or more individuals who share management and profits.

3. Multinational Companies

3.1. A multinational corporation (MNC) has facilities and other assets in at least one country other than its home country. A multinational company generally has offices and/or factories in different countries and a centralized head office where they coordinate global management.

4. Franchises

4.1. an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, for example acting as an agent for a company's products.

5. Public Limited Company (PLC)

5.1. In legal terms, a PLC designates a limited liability company (LLC) that has offered shares of stock to the general public. The buyers of those shares have limited liability. They cannot be held responsible for any business losses in excess of the amount they paid for the shares.

6. Private Limited Company (LTD)

6.1. private limited company, or LTD, is a type of privately held small business entity. This type of business entity limits owner liability to their shares, limits the number of shareholders to 50, and restricts shareholders from publicly trading shares.