There are many different types of business. The 4 main divisions are: 1. Sole proprietorship (Sole trader) - this kind of business is owned and run by a single person, with no legal registration or limitation on the liability for debts. 2. Partnership - a business formed by two or more people. 3. Public limited company (PLC) - shares in PLCs are offered to the general public, and their shares are listed on a stock exchange. This type of business must have its financial statements audited by an independent auditor. 4. Private limited company (Ltd) - this type of company is run by directors who have a maximum level of liability for the company's debts.