Difference between Sole Proprietorship and One Person Corporation

Definition
Sole Proprietorship Is a business structure that is owned by a single individual. The
owner owns all the assets and has unlimited personal liability for losses since there is
no legal distinction between the owner and the business.
While the One Person Corporation (OPC) is a corporation with a single stockholder. In
the former corporation law, you need to have at least 5 incorporators to form a
Corporation. But with OPC, no need for 4 other incorporators and no need for a board of
directors. 
Liability
Sole Proprietorship is directly liable.  This means the law does not put any distinction
between the company and the individual. The person inherits both the assets and
income of the business, but also its debts and losses.
While an OPC is a separate entity from the owner. Should the company lose money or
go in debt, the personal assets of the owner will not be affected.
Succession
When a sole proprietor dies, the assets and liabilities of his/her business will be
transferred to his/her children/heirs, and the license over the business will expire. If the
children/heirs want to continue the business, they need to secure a new business
license.
For OPC, there is continuity even if the owner dies. In the event of death or incapacity of
the OPC owner, the nominee will take over to continue the business operations until the
successful transfer to the heirs. The heirs then can continue to operate the business
without the need to register a new corporation.

Difference between Corporation Sole and One Person Corporation

Definition
A corporation sole is an individual person who represents an official position which has
a single separate legal entity. The death of the individual will not affect the corporation
as there is a right of succession. The Crown, bishops, deans and vicars are examples of
a corporation sole. A corporation sole can only be created by statute. It is also one of
the type of corporation ( the other types is corporation aggregate).
While one person corporation is a type of company that beneficial for micro, small, and
medium-sized businesses. One of the key benefits of OPC is that  the shareholder’s
liability is limited to the extent of the shareholder’s assets.
Difference between Partnership and Joint Venture
Definition
Joint Venture is a business formed by two or more than two persons for a limited period
and a specific purpose.
While Partnership is business arrangement where two or more persons agree to carry
on business and have mutual share in the profits and losses.
Purpose
 A partnership’s purpose is not limited to a single project or goal. It is oriented towards
running a business or long-term enterprise and making a profit.
While Joint ventures are designed to accomplish a specific goal. Each party contributes
their share to an agreed-upon task. Profit may not be on the list of goals of the joint
venture at all. 
How it is Made
Partnerships are usually formed with a partnership agreement or contract between the
individuals who make up the partnership. The partnership agreement lays out the terms
of the partnership covering topics such as sharing in profits and losses, how partners
can leave the partnership, the percentage of control held by each partner, and similar
issues. 
While Joint ventures may not necessarily have an agreement in place. Or, if there is an
agreement, it is a short-term and very specific contract that addresses the particular
project that is going to be undertaken.
How long does it Last
Partnerships are designed to last for the life of the business. They can run infinitely.
In contrast, joint ventures are meant for short-term project lifetimes. They are not meant
to last forever, just long enough to allow the parties to reach a particular goal.
Accountability
When a partnership goes wrong and causes a moral hazard, only the offending party is
faced with fault. Even though the deal is for the long-term, this protects partners that
have entered a deal unwittingly before a disaster. 
In the case of a joint venture both parties are seen at fault in the case of a moral hazard
or criminal wrongdoing. Accountability greatly increases. This makes joint ventures
riskier in the short-term.