Hey guys, as others have said, not to many people in the industry are very educated on the business side, which in most places today is just as important as the trade side. Lets try to find the advantages and disadvantages of the common types of business set-ups available. I think we can all learn something from this, and give the new guys some guidenance when they decide to jump into the industry. The following is what I THINK I know, but I'm not 100% sure, so lets pick brains. Hopefully this won't turn into a shouting match again!! SOLE PROPRIETER ADVANTAGES- YOU get to retain all profits (no partners or investors) Easily formed and dissolved with little or no legal fees Flexibiblity - no arguing with partners or investors DISADVANTAGES - UNLIMITED financial liabily including personal assets Financing limitations PARTNERSHIP ADVANTAGES: Easily formed More finance posibility ( 2 investors rather than one) NOT SURE IF THIS ONE IS TRUE BUT... I understand that each partner is only liable for what he or she put into the business in case of a lawsuit or claim. Its harder to tap into their personal assets. Thats why you see a lot of sielent partners ( a wife or child or parent usually). DISADVANTAGES: Still have some financial liability personally inter-biz conflicts with partner hard to disolve biz harder to manage and agree on ideas CORPORATION ( don't know much about this at all, but heresd what I THINK i know!) ADAVANTAGES: Very limited financial liability expanded financial capicity ( you can have investors) Necessary for many gov't contracts now DISADVANTAGES: difficult and expensive to set up and disolve tax disadvantages legal restrictions are very costly!! Hope this helps, lets get this going guys!!