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A sole proprietorship is an individual who operates a business enterprise and is solely responsible for the firm's profits and losses, such as Jane Doe, CPA.
A partnership involves two or more people who share the debts and profits of the entity. Examples include the large accounting firms including KMPG plus Ernst & Young.
A franchise involves a franchisor, the founding company, selling a right to conduct business to a franchisee, the purchaser, at various sites throughout the world. Examples include McDonald's, Supercuts and Domino's Pizza.
A sole proprietorship is a business that is owned and run by the same person. This might be any small business, such as a local bakery or coffee shop. A partnership is a business that is owned and run by two or more people that share relatively equal shares of the company as well as its profits and losses. An example of a partnership could be a dentist office, where two dentists own and operate a practice. A franchise as you know is the most popular form of business because it is sometimes considered the easiest type of business to begin and run. An example of a franchise would be MacDonalds, Wendy's, or any other chain of stores that you have seen.
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