Its all you -
  You do business as and are taxed as an individual.
  Basically the rules are stacked against Sole Props.
  
  No real need for transparency because its just you.

Two or more people are partners for this organization
  Agree to split responsibilities, costs, and profits in a standard way
  
  Liability, equity, decision making, etc.. can be separated in different ways.
  
  Adding partners gets progressively more difiicult to manage.
  
  Transparency is progressively more difficuly too. 
 

owners' personal assets are kept separate from business debts.
 
Ownership is public from shares issued.
	Taxed based on profits and shareholder dividends.
    Shareholders do not share liability.
    Shareholders do not make day to day decisions.
    
    Minutes and standard reports are required, but there is 
    a very low standard for transparency in most corporations.
    
    
 
 

Must be operated at cost 
 
Net margins are returned to members on a patronage basis
Dividends on equity capital is limited
Voting rights are limited to members
Operations are for the mutual benefit of members
Members are not liable for any debt, obligation, or liability