Answer:
Sole Proprietorship
The simplest (and least amount of paperwork) of any of the legal business structures is the sole proprietorship. To establish a sole proprietorship, you will need a good idea, a lot of determination, and an endless supply of energy for the hard work ahead. However, the only paperwork you'll need is that required for filing a fictitious name (if you decide not to use your own) and whatever licenses you'll need to begin your operations. You are not required to perform any formal action to set up a sole proprietorship. Consequently, there is no need to hire professionals to file required government documents to get you started. You do it all yourself!
General Partnership
According to the Uniform Partnership Act (which most states have adopted), a partnership is an "association of two or more persons to carry on as co-owners of a business for profit." Frequently, you may decide to take on a partner because he has skills or expertise that you may lack. However, take special care in choosing a suitable partner. Don't select the first person that offers to make an investment in your company. A partnership is a marriage in many ways; however, few take the time and put in the effort to pick a partner that they would in choosing a spouse. Nevertheless, many a business has had to close its doors because the business union did not work.
Corporation
This type of business structure is considered the most formalized and complex form of business organization. It is costlier, more difficult and requires more paperwork.
