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Definition - A business that legally has no separate existence from its owner
Steps - 1. Create a business name and decide a location for business

2. File for a business license

3. Set up a business banking account

Advantages -
Having control of your business.
A simplified and less expensive business organization.
Privacy.
Disadvantages -
Unlimited personal liability.

Difficulty in raising investment capital.

Difficulty in getting a business loan or line of credit.

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

Partnerships are formed when 2 or more individuals decide to carry on business together.
Advantages - Advantages - two heads (or more) are better than one.
your business is easy to establish and start-up costs are low.
more capital is available for the business.
Disadvantages -
the liability of the partners for the debts of the business is unlimited

each partner is ‘jointly and severally’ liable for the partnership’s debts; that is, each partner is liable for their share of the partnership debts as well as being liable for all the debts
there is a risk of disagreements and friction among partners and management

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Definition - an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, e.g., providing a broadcasting service or acting as an agent for a company's products.

Steps -
Do Your Initial Research. ...
Attend Discovery Day. ...
Review Your Franchise Agreement. ...
Get the Right Franchise Funding. ...
Choose a Franchise Location. ...
Take the Provided Franchisee Training. ...
Prepare for Opening Day. ...

Advantages - Franchises offer the independence of small business ownership supported by the benefits of a big business network.
You don't necessarily need business experience to run a franchise.
Franchises have a higher rate of success than start-up businesses.
Disadvantages -High initial investment.

Limited creativity.

Lack of privacy.

Example - McDonald's
https://www.mcdonalds.com/us/en-us.html

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Taxes. A limited liability company owner may have to pay unemployment compensation for him or herself, which he or she would not have to pay as a sole proprietor.

Banking. ...

A limited liability company (LLC) is a corporate structure in the United States whereby the owners are not personally liable for the company's debts or liabilities.

Advantages -
Less Paperwork.
Tax Advantages of an LLC.
Disadvantages -

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a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law

Steps - Select a corporate name.
Draft and file your articles of incorporation.
Create corporate bylaws.
Draft a shareholders' agreement.
Maintain corporate minutes.
Issue shares of stock.
Obtain an Employer Identification Number.
Select a tax election.

Advantages - Limited liability. The shareholders of a corporation are only liable up to the amount of their investments. ...
Source of capital. ...Ownership transfers. ...

Disadvantages - Double taxation. Depending on the type of corporation, it may pay taxes on its income, after which shareholders pay taxes on any dividends received, so income can be taxed twice.
Excessive tax filings. ...Independent management.

Amazon.com