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There are three basic forms of business: the sole proprietorship, the partnership and the corporation.

The sole proprietorship is a business that is owned and run by one person, who receives all the profits and bears all the liabilities of the business. Proprietorships are the most common form of business.

The partnership is a voluntary legal association of two and more people for the purpose of running the business. The partners become co-owners of the joint proprietorship.

A corporation is a firm that exists as an independent legal entity, with ownership divided into shares. The owners of the shares are known as stockholders or shareholders. 

The Sole Proprietorship  

It is the simplest to form and dissolve, it is free from paperwork and regulations. Accounting is simplified because the income to the firm is counted as the income to the owner. The sources of capital are limited to the owner’s own savings and loans from banks, relatives or other sources. The owner is responsible for all liabilities. If the business fails, creditors may claim the owner’s property to pay off the debts of the business. The owner has full control over the business. The firm ceases to exist upon the death of the owner. But an heir or a buyer can take over the business and run it under new ownership. The income to the firm is taxed as the income of the owner; it is not subject to federal corporate income tax and certain state taxes.

The Partnership

It is nearly as simple to set up as a sole proprietorship, but less complex as a corporation. Written agreements are advised to avoid disputes, to establish a clear division of authority and provide continuity. It increases capital by permitting partners to pool their savings and borrowing power. One way to raise capital is to bring in more partners. And partners may also be able to get loans on better terms. Each partner is responsible for all business liabilities incurred by any partner. In partnership partners may have disputes over control because there are no simple rules of the one-share, one-vote sort for settling disputes. Authority of partners should be written in partnership agreements. Partnership normally stops existing upon the death of any one partner, however, certain large partnership achieve continuity despite this drawback. The income is taxed as income to partners whether distributed or not; earnings are not subject to corporate income taxes.

The Corporation

Starting a corporation is a little more complex. It requires a state charter to begin operations, may be subject to more paperwork and regulations than proprietorship. It is able to raise large sums of capital from many investors. Liability of owners is limited to amount paid to acquire stock. It is the biggest advantage as without limited liability it is impossible to raise capital by selling shares. Without limited liability failure by anyone of those companies could result in claims against each owner’s property. Shareholders can retain control by retaining most of the common stock. There is a rule one-share – one-vote. It has an unlimited legal life apart from the mortal life of any one shareholder. Corporate income tax is subject to double taxation: federal and sometimes state, corporate income taxes. The income of the corporation is taxed at rates of up to 46% when the corporation earns it. When the after-tax is paid out to stockholders as dividends, it is taxed again as personal income at rates of up to 50%