Answer:
The business owners personal assets are protected from liabilities but the business is not a separate tax entity - LIMITED LIABILITY COMPANY.
A single individual is personally responsible for all liabilities incurred by the business - SOLE PROPRIETORSHIP
One business owner may contribute less time and effort than the other, leading to dispute and bitterness - PARTNERSHIP
The business structure is strictly regulated by the government and requires an overwhelming amount of paperwork and involves high start up cost - CORPORATION
Hope this helps. Thanks