В. А. Шляхова, О. Н. Герасина, Ю. А. Герасина английский язык для экономистов english for economists

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Forms of Organizing Business
There are three forms of organization of your business. 
These forms are the sole proprietorship, the partnership and 
the corporation. Which of these forms of organization you 
choose depends on such questions as the size of your business, 
whether you are the only owner of your business or you have 
partners.
Sole Proprietorship. A sole proprietorship is the simplest 
organizational form. There is one owner of the business, who 
usually takes the title of President. So he or she can make any 
decision without consulting anyone. Such kinds of business are 
in the service industries, such as repairing shops, restaurants, 
etc.
Partnership. A partnership means that there is more than one 
owner to carry out business. And each partner declares his or her 
share of profit or loss on the personal income tax return.
There is a special type of partnership, called a limited 
partnership, where the limited partner is not involved in the 
management of the firm.
This form of organization is useful in such professional fields as 
law, insurance, and some industries, for example, oil prospecting.
But partnership has some disadvantages. Partnership business 
fails when one of the partners loses his interest or disagrees with 
the other.
Corporation. A corporation is a more formal way of 
organization. It is established for the purpose of making profit and 
operated by managers. Corporation involves registration with a 
state department of commerce. There are some advantages, such 
as being able to attract financial resources, and to attract talented 
specialists and managers due to high salaries. In general, this form 
is economically better for business when its profit reaches a great 
sum of money.

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