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What is the difference between a sole proprietorship, partnership, and corporation?

What is the difference between a sole proprietorship, partnership, and corporation?
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Answer #1

Sole proprietorship

Types of Enterprises Both its owner and entity are run by the same person and there is no statutory difference between the two. That is, an enterprise is run by only one person.individual is responsible here for every thing.

Partnership

It is a type of business running under which two or more people run an enterprise in a lawful manner and all the work done by them is on behalf of the debt management and all the others.responsibility of all is there for every thing related to business.

Corporation

A form of business operation that declares the business as a separate, legal entity .this entity is guided or directed by a group of officers known as the board of directors. the corporation exists as a separate entity, that why it is advantageous to start a business.

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