Sole proprietorship is when a business is owned by one person. These business's have and easy start up, and also the owner has full control of the company. The owner is also responsible for all debts, plus he has limited resources. An example of one around here is Gary's BBQ
Partnership is when you have more than one owner. They have an easy start up and shared decisions. Unlimited liability and nobody has absolute control. Frank Corriher's Beef and Sausage.
Corporation is owned by individual stock holders. Adv./Dav. Limited liability, Transferable ownership, Expensive and difficult to start up, and Double taxes. Cheerwine.