1.2 TYPES OF COMPANIES

Sole proprietorship; It is the simplest form of business entity, owned and operated by a single individual. The owner has complete control over the business.
Partnership: It is a business owned by two or more individuals who agree to share profits and losses.
Limited Liability Company (LLC): It is a flexible business structure that provides limited liability protection to its owners, known as members. It combines features of a corporation and a partnership.
Corporation: It is a separate legal entity from its owners (shareholders). It has the most complex structure and is subject to more regulations and formalities.
Public corporation: A public corporation is owned by shareholders and its shares are traded on a public stock exchange. It is subject to strict regulations, including financial reporting requirements and disclosure obligations.
Private corporation: A private corporation is owned by a limited number of shareholders and its shares are not publicly traded. It often has fewer regulatory requirements compared to public corporations.