Answer:
1- Sole proprietorship --- A single individual is personally responsible for all liabilities incurred by the business.
2- Partnership --- One business owner may contribute less time and effort than the other, leading to disputes and bitterness.
3- Corporation --- The business structure is strictly regulated by the government, requires an overwhelming amount of paperwork, and involves high start-up costs.
4- Limited liability corporation --- The business owners’ personal assets are protected from liabilities, but the business is not a separate tax entity.
Explanation:
1- The sole proprietorship is a company in which the owner is a single individual, who benefits from the profits of the productive activity of his company, but also assumes the losses incurred even at the expense of his estate. This is clearly because it is a "sole" owner in the sense that the owner has no partners.
2- A partnership is an arrangement where the parties, known as partners, agree to cooperate to advance their mutual interests. Partners in a society can be individuals, businesses, interest-based organizations, schools, governments or combinations thereof.
3- A corporation is a term for an association that is recognized as a legal entity, such as a company, organization, or association.
A corporation differs from other associations of people in that its existence continues to exist even if the people who make up its collective resign. In order for an association to be regarded as a corporation, it must have statutes approved by the government.
4- In corporate law, a limited liability company, LLC, is a flexible company that combines elements of partnership and corporate structure. This entity is a legal entity that provides limited liability to its owners in most jurisdictions in the United States.
