Easiest to start
Unlimited liability
Least regulated
Requires an agreement to start
Limited liability
Business risk is shared
Requires a charter to start
Ability to raise money by selling stock
Many run out of money
Unlimited legal and financial liability is shared
Only taxed once
If one partner makes a mistake, all partners are responsible
Business does not end when an owner dies
The business ends when the owner dies
More government regulation
Limited access to credit
Not dependent on a sole person
Stockholders pay taxes on profits issued to them
