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Type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.

Pros:
- Easy Setup and Low Cost
- No Corporate Business Taxes

Cons:
- Unlimited liability
- Inability to take on business debt

Examples:
- E-bay
- J.C. Penney

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A formal arrangement by two or more parties to manage and operate a business and share its profits.

Pros:
- Extra set of of hands
- Reduced financial burden

Cons:
- Less independence
- Divided profits

Examples:
- Hewlett Packard
- Ben and Jerry's

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A legal entity that's separate from its owners, and has the ability to make profit, be taxed, and be held legally liable.

Pros:
- Great economic benefits to members
- Less taxation

Cons
- Less capital incentives
- Interrelated investment disadvantages

Examples:
- Apple
- Hilton

# data[].attributes.body
The US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Pros:
- Limited liability
- Pass-through Federal taxation on profits

Cons:
- Self-employment tax
- Consequence of member turnover

Examples:
- Blockbuster
- Sony