General partners are those who are responsible for the day-to-day management of activities, whose individual acts are binding on all the partners, and who are personally responsible for the partnership's total liabilities. Limited partners are those who contribute only money and are not involved in management decisions and whose liability is limited to the amount of their investment.

Joint Venture
Joint Venture acts like a general partnership, but is clearly for a limited period or a single project. If the partners in a joint venture repeat the activity, they will be recognized as an ongoing partnership and will have to file as such, and distribute accumulated partnership assets upon dissolution of the entity.

Advantages of a
A corporation may deduct the cost of benefits it provides to officers and employees. Can elect S corporation status if certain requirements are met. This election enables company to be taxed similar to a partnership.

Disadvantages of a Corporation
The process of incorporation requires more time and money than other forms of organization. Corporations are monitored by federal, state and some local agencies, and as a result may have more paperwork to comply with regulations. Incorporating may result in higher overall taxes. Dividends paid to shareholders are not deductible form business income, thus this income can be taxed twice

Conclusions
There are essentially three basic ways to set up your business as summarized in paragraph below.

Sole proprietorships
Sole proprietorship is a form of business organization in which an individual is fully and personally responsible for all the obligations of the business, and is entitled to all of its profits and exercises complete managerial control. The person who owned this form of business is called as a sole proprietor or sole trader.

Partnerships
A form of business in which two or more persons join their money and skills in conducting the business. Normally there can be a minimum of two and a maximum of twenty partners to form a partnership. Most people