There are three main types of business organization: private, voluntary, and state. Private businesses range in size from large corporations to small shops. They are the main drivers of economic change and job creation. Sole proprietorships are the most common form of private business, with one owner making quick decisions but taking on unlimited liability. Partnerships allow for shared skills and 24/7 operations but also slower decision-making and potential disputes between partners. Companies are owned by shareholders and have separate legal status, allowing for large capital investments but greater complexity.