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Definition: Consists of a single individual who owns the company and serves as its only employee. A business that legally has no separate existence from its owner. Income and losses are taxed on the individual's personal income tax return.

2 positives:

1. You are your own boss and no one can tell you what to do.

2. A sole proprietorship’s tax rates are the lowest among all business structures.

2 Negatives:

1. The biggest disadvantage of a sole proprietorship is the absence of personal liability protection

2. The owner is personally responsible for all business obligations and debts.

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Definition:
A business partnership is a specific kind of legal relationship formed by the agreement between two or more individuals to carry on a business as co-owners.

2 Positives:

1. your business is easy to establish and start-up costs are low

2. it’s easy to change your legal structure later if circumstances change.

2 Negative:

1. the liability of the partners for the debts of the business is unlimited

2. there is a risk of disagreements and friction among partners and management

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Definition:
Can involve any number of owners but it turns the business into a corporation. A corporation is a legal entity that is separate and distant from its owners.

2 Positives:

1. A corporation offers shareholders limited liability protection from the businesses debts and actions.

2. Corporations can raise money for the business through selling stocks.

2 Negative:

1. corporation is highly regulated by state, federal and even some local agencies, which means added record keeping and paperwork requirements for this business structure.

2. Another disadvantage of a corporation is double-taxation

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Definition:
A limited liability company is a corporate structure whereby the members of the company are not personally liable for the company's debts or liabilities.

2 Positives:

1. LLCs don't have to hold annual meetings and not required to keep extensive records.

2. LLCs can always take advantage of “pass-through” taxation in which the LLC does not pay any LLC taxes or corporate taxes.

2 Negative:

1. LLC can't issue stock or have business investors who can fund growth.

2. State law may automatically dissolve an LLC if all members die.