Explain how each business structure might and might not be advantageous.

Sole Proprietorship: A sole proprietorship is advantageous because it allows an individual to keep all profits and makes it relatively easy to start and end the business. However, there are also disadvantages to this structure such as unlimited personal liability and difficulty in accessing funding or expanding the business.

Partnership: A partnership can be advantageous because two people can share the costs, workload, and risks associated with a business venture. It can also be easier for a partnership to access funding since banks view multiple owners less risky than a single owner. On the other hand, partnerships involve disagreements between partners and may require more paperwork for legal purposes if disputes arise.

Corporation: Corporations offer advantages such as limited personal liability protection, access to greater capital resources through stock offerings/IPOs and potential tax advantages due to differences in taxation rates between individuals vs corporations. Disadvantages include high initial setup fees, complex regulations that must be adhered to with respect to corporate governance laws, double taxation of corporate profits (once when received by corporation then again when distributed amongst shareholders).