Types of Business Categories

1.  Sole proprietorship - It is an unincorporated company that is owned by an individual only. The owner is fully liable for any and all liabilities incurred by the company.
2. Partnership - It is an organization owned by two or more persons known as partners. There are three types of partnership General partnership , Limited Liability Partnership, Limited partnership.
3. Limited Liability Company - These are the most flexible types of businesses. They retain the tax benefits of sole proprietorship and the limited liability of corporations. 
4. Non - Profit Organization - It is a legal entity that operates for social benefit, rather than to generate profit for its owners.