A franchise is an arrangement between a franchisor and franchisee where the franchisee acquires the right to use the franchisor’s business model, brand, and support in exchange for a fee. This often includes both an initial fee and an ongoing percentage of the franchisee's gross sales.
A General Partnership is a business structure where all partners have unlimited liability and can bind the entire partnership to contracts and decisions. This entity is typically not taxable, with income and losses passed through to the individual partners.
A legal entity is an individual, company, or organization that has legal rights and obligations, including the ability to enter into contracts, sue and be sued, own assets, and borrow money.
A limited partnership (LP) is a business structure where at least one partner is passive, with liability limited to their investment, and at least one partner with unlimited liability.
A partnership is an agreement between two or more entities to enter into a business or investment together, where each partner may bind the other within the scope of their arrangement, and all partners share liability for the partnership's debts.
A sole proprietorship is a business owned and operated by a single individual, with no formal legal entity separating the owner from the business. This structure offers complete control, but also personal liability.
