Pros:

1) Minimal paperwork to set up the business
2) Tax setup is simpler and straightforward
3) Minimal to no filing fees with the secretary of state
4) Sole owner and have full control of business decisions

Cons:

1) Business faces personal debts financial obligations and liability
2) Higher self-employment taxes
3) Cannot add partners to the business

Pros:

1) Protect personal assets against debt and lawsuits
2) Tax preparation is easier
3) Establish quality and creditability to the business
4) Pay less in taxes
5) Flexible to manage your business

Cons:

1) Cannot issue stock certificate or raise funds
2) Can be dissolved is not in good standing
3) Responsible for Social Security & Medicaid taxes

Pros:

1) Shared decision-making, resources, and expertise to enhance business capabilities
2) Income is not taxed at the entity level but is reported on individual tax returns
3) Establish the entity fairly easily with the structure of the partnership profit-sharing
4) A partnership gains more access to capital and less commitment to expense responsibility

Cons:

1) Share unlimited liability and business expenses
2) Differences in opinions and conflicting management styles
3) Profits are shared per an agreement leaving other partners dissatisfied
4) The partnership agreement must specify the terms of the exit clause for long-term planning

Pros:

1) Creditors cannot go after the personal assets of board members
2) Independently exist with board members
3) Raise money by issuing stock
4) Option to go public

Cons:

1) Must adhere to strict and complex tax schedules
2) Tax preparation is complicated with employee tax requirements
3) File annual reports, hold board meetings, keep minutes, and hold bylaws

Pros:

1) Provide legal protection to safeguard personal assets
2) Owners can be employees and receive a salary
3) Ownership can be transferred with the dissolution
4) Able to avoid double taxation

Cons:

1) Limited to U.S. citizens and permanent residents
2) Limited to 100 shares of ownership
3) Scrutinized more by the IRS

Pros:

1) Exempt from taxes
2) Legal protection for members from nonprofit debt
3) Works towards a greater good in the community
4) Get to support causes versus seeking profits
5) Tax exempt

Cons:

1) Must raise funds to start up
2) Keep accurate and precise records for tax purposes
3) Scrutinized more by the public versus IRS