Business planning - Types of business

Introduction

When setting up in business, one of the key decisions is the type of business structure that you should use. There are a number of different kinds of business and choosing the wrong one could have significant repercussions in the future if you get it wrong. In this section we look in more detail at the types of legal structure that exist and what they each mean. There is a basic overview explanation of legal business structure, theories and issues relating to each. There is also a case study to see how well you have understood the various issues.

• Explanation - what different types of business are there and what does each one mean? Which one may be the most suitable?
• Theories - a more detailed look at some theories and issues relating to types of businesses. What are the advantages and disadvantages of each type? Should a new business firm incorporate?

There is a business planning case study that you may like to study when you have looked through each of these sections.