Final answer:
Sole proprietorship, partnership, and corporation are the main forms of business ownership, each with distinct advantages and disadvantages.
Explanation:
Sole proprietorship, partnership, and corporation are the three main forms of legal ownership of a business. A sole proprietorship is appealing to many due to its ease of start-up, full control by the owner, and direct profits retention. However, it also carries unlimited liability for the owner. On the other hand, a corporation offers limited liability protection for the owners but involves more complex management and taxation.
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