There are 3 major types of business: Sole Proprietorship (commonly called soletrader), Partnership and LLC (Limited Liability Company).
A Sole Trader Business is the simpliest business type because it's owned by a single Individual (the Trader).
It refers to a person who owns the business and is personally responsible for its debts, and therefore there is no legal distinction between the owner and the Business.
For instance, if a person by the name of "John Doe" registers a Sole Trader Business called "Elite Plumbing Services",
then "John Doe" and "Elite Plumbing Services" are considered the same.
This Business structure is suited for Professionals / Traders operating individually.
A Partnership is similar to a Sole Trader in business structure, but is owned by two or more individuals and/or firms, referred to as "partners".
The partners agree to share the profits and responsibilities as outlined by a partnership agreement.
Limited Liability Company
A Limited Liability Company is the most respected business entity, and is usually the ideal entity for conducting Business.
The Company itself becomes a legal entity, separating the assets and liabilities of the Company from the Directors and shareholders.
There are also various subtypes of Limited Liability Companies:
An NGO stands for a Non-Government Organization. Commonly referred to as a Non-profit.
An External Company is one that was originally incorporated outside of Trinidad & Tobago and wishes to trade inside Trinidad & Tobago.
A Public Company is one allows the public to trade a portion of its shares.