There are multiple different ways to organize a business, each with their respective positive and negative elements. Consider the following scenario; give one benefit and one disadvantage for organizing as sole proprietorship, corporation and a partnership, and give your brief recommendation as to which is best.

Jim and Mike are long-time friends who have been working on a mobile app in their free time. They have each spent roughly the same amount of time on the project, and now both want to quit their jobs and commit fully to the venture.