Which of the following is NOT a type of business structure?

A franchise is not classified as a business structure; instead, it represents a method of doing business. While sole traders, limited companies, and partnerships are recognized legal structures that define how a business operates, a franchise involves an arrangement where one party (the franchisor) grants another party (the franchisee) the right to operate a business using the franchisor's brand and operational systems.

In this context, the other choices are valid business structures. A sole trader is an individual who owns and runs their business, enjoying sole control of the profits but also bearing all liabilities. A limited company is a distinct legal entity that limits the liability of its owners, providing protection to personal assets. A partnership involves two or more individuals sharing the ownership and management of a business, as well as its profits and losses. These structures have specific legal and tax implications that dictate how they operate in a business environment, while a franchise is based more on the relationship between parties than on a structural definition.