The difference between a sole proprietorship and vs corporation is that with the first, you're responsible for all of your own taxes. With corporations, there are some tax benefits but more importantly, they can also be used as an LLC which will shield any income made from its business activities from being taxed at source by law if it's set up correctly beforehand!
There must be at least one person who owns all of its shares or stock. This gives them more power because it allows him/her to vote on important decisions affecting company policies. The downside is that there's less protection against lawsuits if something goes wrong so this might not be the best option for people who want guaranteed success no matter where their work takes them.
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