An advantage to this is that you have another person to share the liability with you. On the flip side, you only get half of your profits because the partner gets the other half. Another advantage would be that a partnership has the same taxing rules as a proprietorship. This way you only get taxed on your income once, which saves you a lot. Another disadvantage is the liability factor. Like a proprietorship the two owners assume full responsibility for any actions of the business, which is very risky (Nolo Partnership). .
A corporation is perhaps the hardest type of business to run because of all of the records you have to keep. When you are a small business you can get away with not keeping certain records because you do not have the government and the IRS looking over your shoulder at all times. When you are a corporation you have moved into the "big time" status and you have to be completely organized. Basically, a corporation is when you have an idea to sell a product but you do not have the money to do it so you sell stock of your business to people and use there money to run the business. The advantages of this are that you do not have to use your money and if the business goes under you only lose what you have in the business and nothing else. The disadvantages of a corporation are that there is never any time to rest if you are an owner. Hundreds, or thousands, and sometimes even millions of people have given you their money to run your business so you have to keep them posted at!.
all times or else they will retract there money. The most important thing in running a corporation besides selling your product is having your shareholders feel comfortable so they will continue to let you use their money (Eisenberg 1-3).
The last type of business is a limited-liability-company. I feel that this has the most advantages then any other business type when it comes to making profit, which is usually the only reason why people go into business in the first place.