Please reply to this message: "There are a variety of pros and cons for sole proprietorships, partnerships, and corporations. One advantage of sole proprietorships is that there is one owner which means that he/she has the right to keep all the profits of the company. In addition, sole proprietorships are easy to start and don't require individuals to pay double taxes. Some disadvantages of sole proprietorships include limited financial resources, difficulty with management, high time commitment, and unlimited liability if one's company goes into debt. Some advantages of Partnerships include limited liability for limited partners, more financial resources and talents from partners, and shared management between everyone involved. Some disadvantages of partnerships include unlimited liability for general partners, divided profits, and difficulty in terminating partnerships. The modern corporation has evolved to be such a dominant institution because there is limited liability, power to raise money through stocks, and perpetual life. The limited liability makes it so that the owners and managers of the company are not liable in case the company goes into debt because corporations are considered legal entities like people. Although there are some cons, most notably the double tax and high initial cost to set up, Corporations like Apple and Amazon continue to dominate the global economy because of all the advantages that they have."

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