A business may be privately owned in three importants forms. These are the sole Proprietorship, the partnership and the coorporation. The Sole Proprietorship is the most common American Business. More than 80 percent of all businesses in the United States are Sole Proprietorship.

Sole Proprietorship, however do not do the greatest volume of business. They account for less than of all business receipts. What kind of business is likely to be a Sole Proprietorship? These small business are very often services industries such as laundramats, beauty shop, repair shop and restaurants.