A store, restaurant, or other business operating under such a license.

A business started by one individual. The owner is personally responsible for any business debts.

Two or more individuals join together to run a business. They share personal responsibility for and business debts.

The business is the legal entity. Stockholders are not personally responsible for business debts, although they share in profits and losses. 

Owners are known as members, and are not personally responsible for any business debts.