The relationships and legal rights of the partners will be entirely governed by the law of the jurisdiction where the partnership is located. A single person who Business owns and runs a business is commonly known as a sole proprietor, whether that person owns it directly or through a formally organized entity. Depending on the business needs, an adviser can decide what kind is proprietorship will be most suitable. Businesses often have important “intellectual property” that needs protection from competitors for the company to stay profitable. This could require patents, copyrights, trademarks, or preservation of trade secrets.