The amount of work and decision making required from the limited partners may be given in the partnership agreement. In any partnership, the owners share the control and the work of the business. Corporation Of the basic forms, the corporation is the most difficult to organize. It is a legal entity that is chartered by the state and that can engage in business in its own name. The main advantage of this form is the separation of the corporation from it owners.
Owners risk only the money they put into the corporation.
If the business fails, its debts cannot be collected from the owners. However, the idea that incorporation allows owners to incur debts without being personally liable is often incorrect, especially when the corporation is mall. Many banks and businesses will not accept a corporate signature without a personal guarantee by one or more of the officers. The personal guarantee pledges the individual's assets to cover the debt if the corporation is unable to do so. The corporation does screen the owners' personal property from some types of liability.