Legal Forms of business 1) Sole Proprietorship a business owned by a single individual. Owner maintains title to the firm's assets Owner has unlimited lia bility 2)Partnership Similar to a sole proprietorship, except that there are two or more ownersLegal Forms of Business 1) Sole Proprietorship • A business owned by a single individual. • Owner maintains title to the firm’s assets. • Owner has unlimited liability. 2) Partnership • Similar to a sole proprietorship, except that there are two or more owners