Eternal corporate life is, of course, entirely theoretical. Smaller businesses exist only as long as their owners are interested in continuing them. You may have made the business your life's work, but your children may want no part of it. You may have a unique talent that they don't have. Cost A sole proprietorship costs nothing to set up.
All costs go into the business.
This is because a sole proprietorship has no separate legal existence apart from the proprietor. But as the business grows, the sole proprietor will want to pass its growing value to his or her family. This could require the services of an estate planner and the purchase of insurance to make the transition go smoothly. A partnership can cost very little to set up. You might want to register a name.