Forming a partnership means sharing ownership between two or more people which allows for greater resources when it comes to making investments in order to grow a business faster than would otherwise be possible if working alone. However, partners also share risks involved with running an enterprise; each partner being equally liable should anything go wrong even if those mistakes were not committed by them individually. Additionally, disagreements may occur between partners regarding certain aspects of managing their joint venture. Finally corporations offer additional levels of protection from personal liabilities while at same time providing access to professional services such as accountants or legal advisors due to their complex structure involving multiple stakeholders/shareholders etc… In addition, shareholders have limited liability which means any financial losses incurred by the corporation will only impact share prices rather than creditors seeking payment from individual owners’ assets directly. Regulatory differences include things like filing taxes (corporations need to file annually whereas other types might do so quarterly) and financial statement requirements (e.g., corporations must provide audited statements detailing income/expenses). Ultimately it is important for businesses looking into different organizational structures to consider their individual needs before settling on one specific option

Sample Solution

The three major forms of business organization are the Sole Proprietorship, the Partnership and the Corporation. Each form has its own advantages and disadvantages depending on the needs of a particular business. One advantage of forming a sole proprietorship is that it requires less paperwork to establish than other forms of business organizations since there is only one owner. Furthermore, this type of enterprise offers full control over all decisions made as well as allowing for more flexibility in terms how profits are distributed among owners or stakeholders. On the downside however, sole proprietors face unlimited liability; meaning they can be held personally responsible for any debts accrued by their company.