A company is limited by guarantee if it does not have a share capital and the liablity of its members is limited to the extents of the guarantee committment in whatever form in the event of its liquidation.
A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business.
A sole proprietorship is an unincorporated business with one owner who pays personal income tax on profits from the business. With little government regulation, they are the simplest business to set up or take apart, making them popular among individual self-contractors or business owners.
An already existing business will have done most ground work structures. A business plan and marketing method should already be in place. Existing employees should have experience that one can draw on; many of the business environment problems will have been discovered and solved already.