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-each partner is fully responsible for the acts of all other partners
-potential for conflict between partners
-limited life

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The owner of this has unlimited liability. Essentially meaning the owner is fully responsible for any debt or profit. Another disadvantage is the concept of "limited life". This means that once the owner quits or dies, the firm legally ceases to exist.

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They are extremely simple to start up in comparison to other organizations. The management is a simpler aspect as there is no require from approval from "higher up".

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The corporation must keep detailed sales and expense records so it can pay taxes on its profits - leads to double taxation. Another disadvantage of the corporate structure is the difficulty and expense of getting a character. The owners, or shareholders have little voice in how the business is ran

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-Ease of start up - minimal fees, if spread over several partners
-Ease of management- each partner brings a different area of expertise
-Lack of special taxes on a partnership- withdrawn profits that go to individual income taxes on them
-Partnerships often find it easier to attract top talent than proprietorships

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The main advantage of a corporation is the ease of raising financial capital. A corporation can also borrow money by issuing bonds. the corporation provides limited liability for its owners.

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This is the most common form of business in the United States as they are owned and run by a single individual. Many are ready for business as soon as operations are set up.

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A business that is jointly owned by two or more persons.

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A form of business organization recognized by law as a separate legal entity with all the rights of an individual.