What are the 5 types of business organizations?

Business organizations are structures of different sizes, shapes, and types. The 5 main types of business organizations are sole proprietorship, partnership, corporation, limited liability company (LLC), and cooperative. A sole proprietorship is a business owned by one person who has exclusive control over its assets and operations. A partnership is a business owned by two or more people. A corporation is a legal entity that is separate from its owners, with limited liability. An LLC is a hybrid of a corporation and a partnership, combining the limited liability of a corporation with the flexibility of a partnership. A cooperative is a business owned by its members, who share in its profits.