Sole Proprietor

A sole proprietor is someone who owns an unincorporated business by himself or herself. 

Examples of Sole proprietor include small businesses such as, a local grocery store, a local clothes store, an artist...

                    Partnership

Partnerships are the simplest structure for two or more people to own a business together. There are two common kinds of partnership: Limited partnerships (LP) and Limited Liability partnerships (LLP).

              Corporation

A corporation is a legal entity that is separate from its owners. Corporations can make a profit, be taxed, and can be held legally liable. Corporations offer the strongest protection to its owners from personal liability, but the cost to form a corporation is higher than other structures. 

            Which is best ?

Corporations offer the strongest protection to its owners from personal liability, but the cost to form a corporation is higher than other structures. Corporations also require more extensive record-keeping, operational processes, and reporting.