4 Types of Business Ownership: The different types of business ownership include Limited Liability Company LLC, Sole Proprietorship and General Partnership. Each business ownership type has its unique set of responsibilities and risks. Understanding these different types of business ownership will help you determine the best way to run your business. What is business ownership? Business ownership refers to an individual's legal control over a business. It includes the power to dictate how a company should run its day-to-day operations. There are many forms of business ownership. However, the most common types are sole proprietorship and partnership. To make an informed decision about the condition of business you should choose, it is essential to understand these two types. The sole proprietorship is the simplest form of business ownership. An individual owns a small business and holds all the assets. This is also the most popular form of small business. Another popular form of b...