Sole Proprietorship

As its name would suggest, a sole proprietorship is a business owned by one

person.
Compared to the other business organization methods, this option requires
the fewest amount of documents to complete and file. Since everything
funnels back to the owner, there is no profit-sharing to sort through, making
the whole process very simple.

Partnerships
There are three forms of partnerships:
 General partnerships
 Limited partnership
 Joint ventures
Each partnership shares similar features, though each has different ownership
and liability structures. In any partnership, each partner is required to commit
resources like capital, property, or tangible experiences such as skilled work
or labor in order to share in the business’s profits and losses.

Corporation
The direct definition of a corporation is a group of people united in one body
for a specific purpose. There are two distinct variations of a corporation that
we’ll get to in a moment, but first, let’s review the basics of a corporation.
In the eyes of the law, a corporation is a legal person. As strange as that may
seem, it’s true. In the United States, a number of high-profile Supreme Court
cases (Burwell v. Hobby Lobby, Goldberg v. Kelly) have enabled corporations
to continue operating and protecting their assets as if they were private
citizens.
A corporation is owned by its shareholders and is operated by elected officers.
These officers are elected by the largest shareholders through a group of
individuals known as the board of directors. Depending on the size of the
company, one person can be an officer, director, and shareholder
simultaneously.
Limited Liability Company
More commonly known and referred to as an LLC, a limited liability company
is a business organizational structure that protects the owner’s personal
assets in the event of a business fault or accident.
Having your business structured as an LLC won’t fully prevent you from being
personally liable if it is determined that the owner has taken action that is
illegal, reckless, or fraudulent. Owners can also be held responsible if they
have not properly distinguished the activities of their company from own
personal interests.