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Business Ownership. There are many different types of business ownership. The four main privately owned enterprises are: Sole traders - owned and run by one person. Partnerships - owned and run by two or more people. Private limited companies - often a business run by a family protected by limited liability. Public limited companies - large organisations whose shares are floated on the stock exchange. In addition there are two other types: Co-operatives - where a group of people run the enterprise together and share the profits or loses. Franchise - where a large organisation allows a person to sell its products and use its name in exchange for a fee and a share of the profits. All privately owned enterprises are able to be divided into two groups: Those with unlimited liability - sole traders and partnerships Those with limited liability - all companies, some franchise and some co-operatives. Unlimited liability means that the owners are responsible for all the...

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