The document discusses different forms of business organization. Sole traders are owned and operated by one person but have limited liability. Partnerships involve two to twenty people who contribute capital and share profits based on a partnership agreement. Private limited companies are separate legal entities from owners, who buy shares and appoint directors to run the company. Public limited companies have shares traded on a stock exchange. Co-operatives have members who work together and share profits equally. Franchising involves a franchisor licensing their business concept to franchisees. Public corporations are wholly government-owned businesses.

1. Forms of Business Organisation