What are the pros and cons of types of ownerships?

What are the pros and cons of types of ownerships?

Type
Liability
Responsibility for Decisions
General Pros & Cons

Sole Proprietorship

Lack of protection form personal liability
The sole proprietor has complete responsibility for all business decisions.

Pros: -Easy to start business
-Owner makes all the decisions and is own boss
-Owner receives all profits
Cons: -Capital is limited to what the owner can supply or borrow
-Long hours and hard work often necessary
-Life of business depends upon owner; it ends if owner quits or dies

Partnership

Have unlimited liability for the debts of their business.
Share the responsibility for profits or losses of the business

Pros: -Fairly easy to start the business
- More sources of capital available
-More business skills available
Cons: Each partner can make decisions; more than one boss
-Partnership ends if a partner quits or dies
-Each partner shares the profit

Corporation

Owners liable up to the amount of their investments.
Corporations are recognized by the law to have rights and responsibilities like actual people

Pros: -More sources of capital available
-Specialized managerial skills available
-Ownership liable up to the amount of their investments
Cons: Difficult to start the corporation
-Owners do not have control of decisions made each day, unless they are officers of the company