Each business type has its own set of pros and cons:
Sole Proprietorship:
Pros: Simple to set up, full control, fewer regulations.
Cons: Unlimited personal liability, harder to raise capital.
Partnership:
Pros: Shared responsibility, combined skills and resources.
Cons: Joint liability, potential for conflicts.
LLC:
Pros: Limited liability protection, flexible tax options.
Cons: More complex to set up, subject to state regulations.
Corporation:
Pros: Limited liability, easier to raise capital.
Cons: Double taxation (C Corp), more regulations, complex structure.
Cooperative:
Pros: Owned and operated by members, democratic decision-making.
Cons: Limited profit potential, complex management structure.