Sole Proprietorship - Business is owned by one individual. It is the simplest and least expensive form of business. It offers no protection of personal assets from business creditors.
General Partnership - Business is owned by an association of two or more owners. Like the sole proprietorship, it is simple and inexpensive to form and also offers no personal protection for the partners from business creditors. Profits are divided equally in the absence of a partnership agreement.
Limited Partnership - Business is owned by one or more "general partners" and one or more "limited partners". Limited partners are at risk of losing only the amount invested while a general partner has unlimited personal liability. Generally requires filing with the Secretary of State and paying annual franchise taxes.
Limited Liability Company - There is some personal protection for all members from creditors of the business. Generally requires filing with the Secretary of State and paying annual franchise taxes.
C Corporation - Requires filing Articles of Incorporation and other documentation requirements. Shareholders may be many and rarely have liability for the debts of the corporation. The corporation's profits are taxed and then any dividends to shareholders are taxed again.
S Corporation - Generally the same as the C Corporation. There are restrictions on the number and type of shareholders and, like the C Corp., the shareholders rarely have liability for the debts of the corporation. Unlike the C Corp., profits are not taxed at the corporate level.
The above descriptions are not intended as a complete list of benefits and requirements but are for general information purposes only.