There are five different types of private sector businesses; sole traders, partnerships, private limited companies, public limited companies, co-operatives. Sole trader is a business owned by one private person. It is the most common business enterprise. Partnership is a group or association of at least two people who agree to own and run a business together. Private limited companies are small businesses and aren’t run on the stock market. However, public limited companies are huge businesses run on the stock market. Co-operatives are businesses run by all the partners, bearing the profit and loss.
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