This is a type of business entity that is owned and run by one person. He/she is in direct control of all the elements and finances. Advantages of this business is you end up with majority of the money and you are in compete control of your own desigions. Disadvantages are that there are several risks your taking considering al the desigions you make fall into your shoulders. Regulations are the you must file various tax forms with revenue service and pay any taxes due also the social security number of a former proprietor cannot be used by a new business owner. The IRS requires a sole proprietor to file there income tax. They are also the hardest to start because it's just one person. Some examples are bookeeping, home health care, landscaper, tutoring, ect.
When you have another person to help you manage your business, usually with an equal ownership. Advantages of partnership is the ability to raise funds is increased. And the partners from the business flow directly through partners tax return. Other advantages are that you are provided with more ideas and better moral support. Disadvantages are if your partner were to make a mistake or a bad move not only will it affect him/her it will also be your fault as well. Another disadvantage is that you may disagree upon each other which can make it difficult to run your business. Rules and regulations are that the state requires that you have a valid partnership agreement. Facts are that it can be the most simple and easiest compared to all the others. And many partner tend to play different roles as an owner in the company. Examples are Warner bros, Apple, Google, ect.
Limited Liability Partnership
Limited liability partnership is when all your partners in the business are liable. Advantages are that there are many options to the the business and you are able to pay your own income. It is also run by the tax of the state tax. Disadvantages are that you can easily fail the business cause the liability can be dang ours to the business. Some places don't even consider it a organization. Rules and regulations are that you must have many filling fees paid to make this work cause without it you would be able to run this properly. Some facts are that you have a better chance to do solo partnership than this. Another one is that you must have many taxes filled out for this cause without it is bad news for everyone. Examples are vlynch store, American eagle, ect.
Corporation is a legal entity that also enjoy most of their rights and responceibility. Advantages of this are that because this is such a big company you are able to have so many rights givin to you but also responceibilitys which can be very easy you are least likely to get in trouble and have many locations every where. Disadvantages are that it is extremely difficult to Manage and make a corrperation because there are so many competion everywhere going on the business can fail really easy in the beginning cause of how big it can really get. Rules are that you are not able to copy exact of what other corporations have already cause it's against the rules. There are also many taxes and fees you must pay to start a corrperation, you must also sign many papers to get it started. Facts are that they can be one of the biggest businesses ever. And the most rich people have a corrperation. Examples are Walmart, Apple, Windows, Nike, ect.