MANAGEMENT

Detailed explanation-1: -A sole-proprietorship has one owner who has unlimited liability for the business. A partnership involves two or more people who combine resources for the business and share profits and losses. A corporation is considered to be a separate legal entity from its shareholders. For tax purposes a corporation is a “Person”.

Detailed explanation-2: -Corporation. Unlike a proprietorship or partnership, a corporation is a legal entity that is separate from its shareholders. As such, a corporation pays corporate income tax, which is calculated separately from the shareholders’ personal income tax.

Detailed explanation-3: -An LLC exists separately from its owners-known as members. However, members are not personally responsible for business debts and liabilities. Instead, the LLC is responsible. A sole proprietorship is an unincorporated business owned and run by one person.

Detailed explanation-4: -A partnership is a business structure where multiple people share ownership. This can be two or more people who decide they want to take the necessary legal steps to create a business. A corporation is an independent organization that has its own legal and financial structure.

Detailed explanation-5: -The sole proprietor has control over all business decisions but is also responsible for all the debt, risk, and liability related to the business. A corporation, on the other hand, is its own legal entity, separate from the shareholders who own the company.