Sole Trader: Someone who starts up a business on there own. Advantages of a sole trader is being able to be your own boss, make your own descisions and not adapt yourself to suit a partners needs. Disadvantages are it is more stressful with no help, you face unlimited liability and you can struggle with finance.

Partnership:  2 - 20 people running a business together. Advantages of a  partnership are having a bigger contribution of skills, ideas and money/finance going into the business. The disadvantages of a partnership are disagreements and arguements, and you can face unlimited liability, as well as being held partly responsible for the partners actions

Public Limited companies: Sell shares to anyone on the stock exchange. Advantages of this is you are getting more investments, more media and more coverage of company. Disadvantages are media could go wrong, flotation is more common.

Private limited companies:  Private limited companies only sell shares to friends and family and don't appear on the stock exchange. Advantages of this are you only loose the money you invested and the business continues after death of founder. Disadvantages of this is you have to  register.

Franchise: Franchise occurs when a franchisor sells an existing business idea, name and rights to sell their products to franchisee. Advantages are it is already a successful business, you have less of a risk of becoming in debt and you do not have to do as much paperwork and thinking of ideas. Disadvantages of this include that when there is one problem with one franchise it can affect others, and there are many disputes between the franchisee and the franchisor over power. Also you must give a percentage of your profit to the franchisor.