Types of Businesses...
Pros: Receives all profits, make decisions quickly
Cons: Unlimited liability, complete legal responsibility for all debts and damages
Pros: Raise more money than proprietorship, they can always add more partners, they pay no corporate income tax.
Cons: Legal structure is complex, when a partner is added must re-do agreement, have unlimited liability.
Pros: Ease of raising financial capital, if they need more money the corporation can sale new shares of stock, allows corporations to grow huge
Cons: Expensive and complex to set up, business owners have very little say in management, millions of people own shares of the business,more regulations by the government then the other forms of businesses.