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- A partnership usually has limitations that keep it from becoming a large business
- Business partners are jointly and individually liable for the actions of the other partners
- You have to consult your partner and negotiate more as you cannot make decisions by yourself

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-Partnerships are easy to establish
-The ability to raise funds is increased
-There is a wider pool of knowledge, skills, and contacts within a partnership
-They provide moral support and will allow for more creative brainstorming

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- More expensive to set up
- Pays taxes on their profits
- Employee-owner separation
- Disclosure of information

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A partnership is an arrangement in which two or more individuals share the profits and liabilities of a business venture. Various arrangements are possible: all partners might share liabilities and profits equally, or some partners may have limited liability.

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- Status
- Less liability
- Ability to raise investment money
- Employee has benefits
- Tax advantages

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A corporation is a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law. Early incorporated entities were established by charter (i.e. by an ad hoc act granted by a monarch or passed by a parliament or legislature). Most jurisdictions now allow the creation of new corporations through registration.

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- Can be held solely reliable for debts, etc
- Huge liabilities on acts committed by employees
- Everything falls on the sole proprietor's shoulders

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- Has complete control over business
- No corporate tax payments
- Few formal business requirements

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A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business. The owner is in direct control of all elements and is legally accountable for the finances of such business and this may include debts, loans, loss, etc.