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sole proprietorship is the most common form of business organization and owned by one person

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a partnership is owned by two or more people and is the ;east common form of business organization

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corporations are owned by shareholders and earns the greatest percentage of the business profits in the u.s

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You don't need to separate taxes for your business.
its easier to start and maintain than a registered business.
has complete control and decision-making power over the business.

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your business is easy to establish and start-up costs are low.
more capital is available for the business.
you'll have greater borrowing capacity

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Owners benefit from limited liability.
Ownership interests are easier to transfer.
The life of the corporation can extend beyond that of the founders.

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you have unlimited liability for debts as there's no legal distinction between private and business assets.
your capacity to raise capital is limited.
all the responsibility for making day-to-day business decisions is yours

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a partnership also entails sharing any business losses, as well as responsibility for any debts, even if they are incurred by the other partner.

Loss of Autonomy

Emotional Conflict.

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the company can be expensive to establish, maintain and wind up.
the reporting requirements can be complex.
your financial affairs are public.