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Definition: The members of the company are not personally liable for the company's debts or liabilities.
Examples: Toys 'R' Us, Dollar General, etc.
2 Positives:

Pass through taxation

Owners are not personally responsible for business debts and liabilities

Does not require as much annual paperwork or have as many formalities as corporations

2 Negatives:

Business could lose a great deal of money or even go out of business

More expensive to form than sole proprietorship's and general partnership

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Definition: A group of people who run or work together in a business.
Examples: AT&T, Bank of America, etc
2 Positives:

Tons of people to work with so the tasks can be divided and done efficiently

Not one person has to deal with all of the financials so not one person is responsible

2 Negatives:

Profits are being divided among multiple people, so the amount of work you may do might not match to the amount of money you earn if the corporations profits aren't high

Everyone you work with might not be as reliable as yourself, and every idea of yours may not be represented in the corporation.

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Definition: A business or company that was founded and run by 2 people
Examples: Google, Ben & Jerry's, Mike and Ike, etc.
2 Positives:

You have someone to bounce ideas off of

It's a joint partnership so you both do the same amount of work so one person doesn't get too stressed or have to deal with the financials alone.

2 Negatives:

Profits are split, even if the money coming in isn't big the money still has to be shared

Every idea has to be agreed upon. Disagreements may occur

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Definition: A business or company that is run and worked by only 1 person
Examples: A florist, barber, fishermen, etc.
2 Positives:

You are your own boss, everything can go the way that you want it to

You get the profits, there's no split revenue

2 Negatives:

There is no partner to bounce ideas off of.

You are responsible for every financial decision. It could get stressful or you might not be able to handle/know how to financially help yourself