Comparison should include following legal guidelines in the establishment of a

sole proprietorship—owned by one person
partnership (both general and limited)—owned by a small group of people, usually two or three
corporation—owned by a number of people and operated under written permission from the state, with a separate legal personality from its owners
limited liability company (LLC)—a hybrid form of business that has characteristics of both a corporation and a partnership
limited liability partnership (LLP)—allows partners to enjoy limited personal liability, while general partners have unlimited liability
S-corporation—meets specific Internal Revenue Code requirements, which gives a corporation with 100 or fewer employees the benefit of incorporation while being taxed as a partnership
franchise—business opportunity that allows the franchisee to start a business by legally using someone else’s (i.e., the franchisor’s) expertise, ideas, and processes
nonprofit corporation—formed to carry out a charitable, educational, religious, literary, or scientific purpose; does not pay federal or state income taxes from activities in which it engages to carry out its objectives
cooperative—an association of persons united voluntarily to meet common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.

Process/Skill Questions:

How does a partnership make up for the shortcomings of a sole proprietorship?
What are the liabilities of each type of ownership?
What are the benefits/drawbacks of each type of ownership?
What are local examples of each type of ownership?
Because of the shared liability in a partnership, what are qualities to look for in a partner?
What are the reasons for choosing the corporate form?
What are the characteristics of a limited liability company?
Who can benefit from a sole proprietorship vs. LLC or corporation?
What are common jobs that use sole proprietorships?
Where does a person seek information on where to set up a small business?