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Definition: One person is operating a business
PROS:
1. You get to make all the decisions
2. Decisions are made quicker
CONS:
1. You are solely responsible for all the actions of the company
2. You have to manage the entire company by yourself
Ex.: Guapos, Mariachi

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Definition: Two or more people who share management and profit of a business
PROS:
1. Share the tasks of managing the business
2. The financial burden on you is reduced because it is shared
CONS:
1. Potential conflict between the parties
2. Divided profits
Ex.: Ben & Jerry's, Warner Bros.

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Partnership

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Partnership

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Definition: A company where a group acts together as one to manage a business
PROS:
1. Able to issue stocks that can attract investors
2. Management is established through hierarchical-like roles that have their own responsibilities (directors, officers, etc.)
CONS:
1. There's no protection against self-incrimination
2. There is a high tax liability (double taxation between the corporation earnings and the shareholder's earnings)
Ex.: McDonald's, Google

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Corporation

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Definition: A company is operated separately from its members, so that the members are not affects personally by the debt or liabilities of the company
PROS:
1. Members aren't liable for the business' actions, so personal assets are protected
2. Generally, the profits are not taxed by the government and go directly to its members
CONS:
1. Less structure as there's not many strict requirements
2. Generally, less investment towards LLCs because they aren't as structured
Ex.: Toys R Us, Chrysler

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Corporation