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A sole proprietorship is an entity where one person owns the business, having all profits for his or herself but has sole responsibility for losses and legal and tax issues. A partnership is the structure involving two or more people owning the business, sharing the responsibilities and profits, but having a greater chance of failure due to disputes among the owners. A corporation is when the entity is owned by a group of owners or stockholders who are unaffected by profits or losses and enjoy tax advantages, but lose autonomy and don't have much say in decisions. Once the structure of the business entity is decided upon, there are still many decisions to make before ?opening the doors' to consumers...
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