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Advantages: Simple to establish, full control, owner retains all profits. Legal Implications: Personal liability for debts, difficulty raising capital, limited life span.

Advantages: Easy to form, shared responsibility, more capital available. Legal Implications: Joint and several liability, disputes can arise, partnership agreement vital.

Advantages: Limits personal liability for some partners, can attract investors. Legal Implications: General partners have unlimited liability, more complex, must adhere to LP statutes.

Advantages: Limited liability, flexible management, tax advantages. Legal Implications: More complex to create, legal and state filing requirements, operating agreement important.

Advantages: Limited liability, unlimited life, transferable ownership. Legal Implications: Highly regulated, more expensive to form, double taxation on dividends.

Advantages: Limited liability, pass-through taxation, unlimited life. Legal Implications: Limited number of shareholders, stricter qualifications, must file with the IRS as S-Corp.

Advantages: Limited liability, can prioritize social goals over profit. Legal Implications: Must meet performance standards, legally accountable to stakeholders, transparency requirements.

Advantages: Member controlled, democratic operation, return of surplus to members. Legal Implications: Incorporation requirements, member equity contributions, profit distribution based on use or patronage, not investment.

Advantages: Tax-exempt status, public funding opportunities, furthers non-commercial causes. Legal Implications: Must be for charitable, scientific, or educational purposes, rigorous state and federal approval process, regular reporting and transparency required.