The main advantage of sole proprietorships is that they are relatively easy and inexpensive to set up and operate. The main disadvantage is that the owner is personally liable for all debts and obligations of the business.
Partnerships have the advantage of being able to pool resources and expertise, and they are generally easier to raise capital for than sole proprietorships. The main disadvantage is that the partners are personally liable for all debts and obligations of the business.
Corporations have the advantage of limited liability for the owners, meaning that the owners are not personally liable for the debts and obligations of the business. The main disadvantage of corporations is that they are more expensive and complicated to set up and operate than sole proprietorships and partnerships.