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A corporation is a business chartered by a state or the federal government that enjoys limited liability and has unlimited life. It is a business organization owned by its stockholders. As compared to the proprietorship and partnership forms, the corporation offers the following advantages: limited liability, unlimited life, and the ease of transfer to a new owner. The greatest disadvantages of the corporation are that it is costly to organize and it may be subject …

…corporation is a special type of category of corporation that does not have to pay corporate income taxes. The proprietorship is the most commonform of business in the United States. It is a business that is owned and run by one individual, the proprietor. Those who choose to organize their businessesas proprietorships do so for two reasons: the businesses are easy to set up and close down, and they provide certain freedoms for theri owners.