Private sector - commercial, mainly owned and run by private individuals.

(sole traders, partnerships, co-operatives…)

Public sector - provides goods and services deemed to be essential and of benefit to its citizens.

(transportation, communication networks…)

Sole trader – a commercial business owned by a single person.

*Unlimited liability: a business's owner is personally responsible (liable) for all of its debts.

Partnership - 2 to 20 people own the commercial business.

Companies/corporations

Commercial businesses with limited liability and are owned by their shareholders.

Must submit the Memorandum of Association and the Articles of Association

Initial Public Offering (IPO) - the first time shares are sold via a stock market.

Privately held company - shares can be transferred privately, shares are owned by family, smaller.

Public-held company - no legal maximum number of shareholders.

Social enterprise - an organization that uses commercial business practices to improve communities, environment, and well-being.

1.        Privately held companies - by individuals

2.        Public-held companies - by government

3.        Co-operative - by members

Non-profit organization = NGO + charities