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The sole proprietor has unlimited liability for matters relating to the business. This means that the sole proprietor is responsible for all the obligations of the business, even if those obligations exceed the amount the proprietor has invested in the business.
Each partner in a partnership is usually liable for the activities of the partnership as a whole. Even if there are a hundred partners, each one is technically responsible for all the debts of the partnership. If ninety-nine partners declare personal bankruptcy, the hundredth partner still is responsible for all the partnership's debts.
A corporation is a legal entity that is liable for its own activities. Stockholders, the corporation's owners, have limited liability for the corporation's activities. They cannot lose more than the amount they paid to buy the corporation’s stock.
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