A franchise is a type of contract that grants a person (known as the franchisee) the right to do business under a proprietary business name and 🃏system. In exchange, the franchisee pays a royalty and often an initial fee to the franchisor, the 🍬entity that established the brand’s trademark or trade name and business system.

A partnership is an arrangement between two or more parties to run a business together, entitling each partner to an equal share of its profits. The three main types of partnerships—general partnership, limited partnership, and limited liability partnership—vary in how much legal and financial liability each partner 𝕴is exposed to.

A conglomerate is a corporation (also known as a parent company) composed of several smaller businesses. A conglomerate's subsidiaries typically operate independently of each other, though their managers still report to the parent company’s senior management.

A joint venture (JV) is a business entity created by two or more parties to accomplish a project. A JV is essential⛦ly a partnership (though it can be formed from any legal structure), wherein each partyꦕ is responsible for the profits, losses, and costs, but the venture is separate from their other business interests.

Ltd. is an abbreviation of “limited” that appears at the end🌱 of a private limited company’s na꧅me. The liability of Ltd. company shareholders is restricted to whatever capital they originally invested into the business.

C corporations are a type of legal entity that’s taxed separately from its owners. Corporations offer the strongest protection to their owners from personal liability, but as a result, corporations are more 🅘costly to form compared to other business structures.

Articles of organization refers to part of a legal document used to register a limited liability company (LLC) with the state, which establishes the rights, powers, duties, liabilities, and other obligations of both an LLC and its members. Articles of organization must be filed with the relevant state government, though many counties and cities also have ꧟their own business licensing requirements.