Partnerships can have 2 or more owners of the business. Partnerships should have detailed partner agreements in place at the time of formation. Not having such an agreement could place your investments at risk and provide for a lot of extra time and expense, if the business encounters problems. Relatively few required formalities and regulatory requirements. Some states do not impose a fee for the mere privilege of existing.
Partners are responsible for the business-related actions of all other partners.
The standard corporation, also called a C Corporation, is the most common corporate structure. Companies must file certain documents with the state in order to become incorporated. The corporation is a separate legal entity that is owned by shareholders. The standard corporation is allowed to have an unlimited number of shareholders, who are typically protected from the debts and liabilities of the corporation. A shareholder's personal liability is typically limited only to the amount the shareholder invested in the company.