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Definition:  One person owning and running their own company.
Positives:  Less government control and easy dissolution (easy to shut down).
Negatives:  Personal liability and uncertain business life
Examples:  Art studios and local grocery

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Definition:  Two people running one company.
Positives:  It is a reduced financial burden and less paperwork.
Negatives:  Divided profits and potential conflict.
Examples:  Apple and GoPro

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Definition:  A group of people to acting as a single entity.
Positives: Owners are not entirely responsible for liability and employees can buy stock at a fixed-in price.
Negatives:  Time consuming and very expensive
Examples:  Bank of America and Microsoft

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Definition:  When the members of the company are not personally liable for the debts of the company.
Positives: Members are protected from the liability and members can receive revenues.
Negatives: High renewal fees and investors are more likely to put their money in making it harder to raise financial capital.
Examples:  Chrysler and Toys 'R' Us