A 'sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of business entity

that is owned and run by one individual and in which there is no legal distinction between the owner and the
business. The owner receives all profits (subject to taxation specific to the business) and has unlimited
responsibility for all losses and debts.

A partnership is an arrangement where parties agree to cooperate to advance their mutual interests. [1]
Since humans are social beings, partnerships between individuals, businesses, interest-based organizations,
schools, governments, and varied combinations thereof, have always been and remain commonplace. In the
most frequently associated instance of the term, a partnership is formed between one or more businesses in
which partners (owners) co-labor to achieve and share profits and losses (see business partners).

 A limited partnership is a form of partnership similar to a general partnership, except that in addition
to one or more general partners (GPs), there are one or more limited partners (LPs). It is a partnership
in which only one partner is required to be a general partner.

An incorporated entity is a separate legal entity that has been incorporated through a legislative or
registration process established through legislation. Incorporated entities have legal rights and liabilities that
are distinct from its shareholders,[1] and may conduct business for either profit-seeking business or not for
profit purposes. Early incorporated entities were established by charter (i.e. by an ad hoc act granted by a
monarch or passed by a parliament or legislature). Most jurisdictions now allow the creation of new
corporations through registration. In addition to legal personality, registered companies tend to have limited
liability, be owned by shareholders[2][3] who can transfer their shares to others, and controlled by a board of
directors who the shareholders appoint.

A cooperative ("coop"), co-operative ("co-op"), or coöperative ("coöp") is an autonomous association of

persons who voluntarily cooperate for their mutual, social, economic, and cultural benefit. [1] Cooperatives
include non-profit community organizations and businesses that are owned and managed by the people who
use its services (a consumer cooperative) or by the people who work there (a worker cooperative) or by the
people who live there (a housing cooperative).

An acquisition or takeover is the purchase of one business or company by another company or other business
entity. Such purchase may be of 100%, or nearly 100%, of the assets or ownership equity of the acquired
entity. Consolidation occurs when two companies combine together to form a new enterprise altogether, and
neither of the previous companies survives independently. Acquisitions are divided into "private" and "public"
acquisitions, depending on whether the acquiree or merging company (also termed a target) is or is not listed
on a public stock market. An additional dimension or categorization consists of whether an acquisition is
friendly or hostile. "Acquisition" usually refers to a purchase of a smaller firm by a larger one.

Mergers and acquisitions (abbreviated M&A) is an aspect of corporate strategy, corporate finance and
management dealing with the buying, selling, dividing and combining of different companies and similar
entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or new
location, without creating a subsidiary, other child entity or using a joint venture. The distinction between a
"merger" and an "acquisition" has become increasingly blurred in various respects (particularly in terms of the
ultimate economic outcome), although it has not completely disappeared in all situations.
Franchising is the practice of using another firm's successful business model. The word 'franchise' is of Anglo-
French derivation - from franc - meaning free, and is used both as a noun and as a (transitive) verb. [1] For the
franchisor, the franchise is an alternative to building 'chain stores' to distribute goods that avoids the
investments and liability of a chain. The franchisor's success depends on the success of the franchisees. The
franchisee is said to have a greater incentive than a direct employee because he or she has a direct stake in
the business.

The term entrepreneur is a loanword from French and was first defined by the Irish-French economist Richard
Cantillon as the person who pays a certain price for a product to resell it at an uncertain price, thereby making
decisions about obtaining and using the resources while consequently admitting the risk of enterprise. The
term first appeared in the French Dictionary "Dictionnaire Universel de Commerce" of Jacques des Bruslons
published in 1723.

Over time, scholars have defined the term in different ways. Here are some prominent definitions.

 1803: Jean-Baptiste Say: An entrepreneur is an economic agent who unites all means of production-
land of one, the labour of another and the capital of yet another and thus produces a product. By
selling the product in the market he pays rent of land, wages to labour, interest on capital and what
remains is his profit. He shifts economic resources out of an area of lower and into an area of higher
productivity and greater yield.
 1934: Schumpeter: Entrepreneurs are innovators who use a process of shattering the status quo of the
existing products and services, to set up new products, new services.
 1961: David McClleland: An entrepreneur is a person with a high need for achievement [N-Ach]. He is
energetic and a moderate risk taker.
 1964: Peter Drucker: An entrepreneur searches for change, responds to it and exploits opportunities.
Innovation is a specific tool of an entrepreneur hence an effective entrepreneur converts a source into
a resource.
 1971: Kilby: Emphasizes the role of an imitator entrepreneur who does not innovate but imitates
technologies innovated by others. Are very important in developing economies.
 1975: Albert Shapero: Entrepreneurs take initiative, accept risk of failure and have an internal locus of
control.
 1975: Howard Stevenson: Entrepreneurship is "the pursuit of opportunity without regard to resources
currently controlled."[1]
 1983: G. Pinchot: Intrapreneur is an entrepreneur within an already established organization. [note 1]
 1985: W.B. Gartner: Entrepreneur is a person who started a new business where there was none
before. [2]