List one positive and one negative aspects of each

a. Sole proprietorship

    i. Positive – simplifies decisions and allocation of responsibilities
    ii. Negative – personal liability

b. General partnership

    i. Positive – no local or state filings are necessary to create
    ii. Negative – personal liability

c. Limited Liability Partnership

    i. Positive – limited personal liability
    ii. Negative – limited partner can’t make management decisions

d. Corporation

    i. Positive – limits personal liability
    ii. Negative – must adhere to corporate business practices