The answer would defer depending on the number of people interested to form a company. If there is just one person then a sole proprietorship is the best suited for him. If there is a group of 2-3 individuals forming a company then Partnership, LLP, and LLC are the way to go as the risk is reduced and there is less paperwork and it is easier to get the loan approved. But if there are a lot of people interested in starting a company then corporations are the way to go, also weather S-corp or C-corp taxation depends on the management decision.

The type of corporation formed will depend on various factors, a few of which could be the number of people willing to start the business, how they are owned, how they pay taxes, the amount of risk involved to personal funds, how they are managed etc.

If there is only one person then sole proprietorship is the best as mentioned by @AniketB. Two or more people would lead to result in a Partnership and an LLP while an unlimited possible owners would result in forming an LLC and Corporations (Inc.).
The taxation in most are flow through taxes however double taxation applies for Corporations.
The risks involved to the personal funds is high and assumed by the owner in the cases of Sole Proprietorship, Partnership, LLC while it is comparartively less in case of LLC's and Corporations.
In case of sole proprietorship it is managed fully by the owner, for Partnership it is managed by the investing partners who also are the owners/members so is the case with LLP, LLC and Corporations. Hence The ownership is dependent upon how much each partner invests initially in the business.
A note with LLP is that it is limited to professionals such as lawyers ans doctors and is not recognized in all the states of US.

In addition to the previously mentioned factors like size, taxing, and risk, there are additional factors to consider like administrative work and a need of loans. 

In LCC, S-Corp, and C-Corp there is a lot more paperwork required to start up a company and significantly more administrative duties to keep up with that are not present in the other types of corporations.

In addition to this, the ability to get loans also differs between types of corporations. In LLC, S-Corp, and C-Corp it is generally easier to get loans. So if a corporation is expected to be requiring loans those may be a better option. 

In addition to the previously mentioned factors like size, taxing, and risk, there are additional factors to consider like administrative work and a need of loans. 

In LCC, S-Corp, and C-Corp there is a lot more paperwork required to start up a company and significantly more administrative duties to keep up with that are not present in the other types of corporations.

In addition to this, the ability to get loans also differs between types of corporations. In LLC, S-Corp, and C-Corp it is generally easier to get loans. So if a corporation is expected to be requiring loans those may be a better option. 

If someone/ group of people want to start a business, the answer is completely with them as it depends on the count of people willing to join, risk management factors and paying taxes. As mentioned by @Aniketb and @sybleb, Sole proprietorship is meant for one person. But the personal assets are at risk, if the business is sued or can’t pay its debts. Limited Liability Partnership offers limited liability but doesnot limit liability for its general partners. In  LLC, ownership is based on amount each partner invests initially. Whereas if large number of people are interested in starting a business, then it is better to go for s corp or c corp.

In my opinion, how to make a decision depends on how many people have the will of component companies.

First, if there is only one person who wants to start a business, then a sole proprietorship company is most suitable for this person. Of course, this person can also persuade others to join him and run a partnership. But if no one wants to partner with this person, then only the sole proprietorship company is the choice.

Second, if several people are willing to start a company, such as three people, then partnerships, Limited Liability Partnership and Limited Liability Company are options to consider, because doing so reduces the pressure and risk individuals may face. And with fewer paperwork, it's easier to get loans.

Third, if there are so many people who want to start a company, corporations is an option worth considering，They can choose the right people to run the company together.

As stated in many of the posts above, the avenue of setting up a business depends on the number of people involved and the type of business being set up. However, one thing that was not mentioned is that it is possible to change the type of structure that your business has. For example, a company that is set up as an LLC and starts to grown, can become incorporated for one reason or another. For example, a company may want to change from an LLC to an S-Corp for taxation purposes, or they would need to change to a C-Corp if they intend to "go public" and be publicly traded. The point is that a company can change its structure as it grows if it makes sense to do so. 

I think it would depend on a number of factors like the type of company, the work involved, etc. But in my personal opinion I would suggest Sole Proprietorship at first and then, later on, can modify the type as per the company growth.

I very well agree with the previously mentioned posts that successful partnership can be formed based on the size of the business and number of people who wish to be the partners. Once the agreement addresses how decisions will be made and disputes will be resolved, the type of partnership can be determined.

Successful partnership will be able to answer all the "what if" questions in a number of typical situations like the ones discussed in the class by Dr. Simon. For example, it should state what happens when a partner wants to leave the partnership. Based on these answers the partners can decide on corporation.

In short, there really is not a correct answer to this question. Although of course an influence, the type of corporation chosen will not determine if a business is going to be successful or not. Many more factors, other than the number of people splitting the company, should be considered when deciding which type corporation to register. In my opinion, the overall question comes down to, how much are you willing to risk for what kind of reward? The key differences between the corporation types mainly relate to owners, managers, taxes, or even personal finances. More specifically, large contributing factors should include the consideration of how you would like to pay taxes on the profit made from the company, who you would like to actually run it/ who is making the company decisions, how the funds get divided throughout the company, what kind of protection you have on your personal assets/finances and so on. There are many moving parts to this, and all depend on the business at hand. 

As all participants mentioned, the number of people that are going to startup the business shortens the corporations choices like writing off sole proprietorship from choices if more than person are going to initiate a company. Also, the other factor that limits the choices is the location of the company because the limited liability partnership LLP is unrecognized in some states. I would like to say if all shareholders were American citizens, I suggest the S-corp corporations type for the taxes collection method, and for business continuity.

Like many have stated above, I do not believe the choice of which type of company to create will highly impact the profit or success of the business. A more relevant point to look at would be the number of members, allowable capital for investment, location, and other that will have a bigger impact on the company. In addition, like Dr. Simon mentioned will the company be based only in the US and will its members be only from the U.S? I think the capital to spend, products in the pipeline, and potential marketable profits will give a good estimate of the success of the company. 

As a side question, how do you think COVID affected each one of the company types this year; private, public, LLC, Inc, and CORP etc. Do the "little guys" hurt the most from the deficit in funds or will the board or top tier individuals sacrifice to help the people below. I was just wondering you opinion. Luckily in my company they are creating budget cuts, but they did not affect employees that much, the top tier employees agreed to take a reduction of up to 30% to counter the deficit. We will most likely not have raises next year, which is understandable. 

I agree that choosing the type of corporation is only one step in running a successful business. However, it is an important stage nonetheless, especially since you will likely be considering who you may or may not want to work with. I think what's more important than the number of people (not applicable to sole proprietorship) is the personality of the people you plan to run the corporation with. For example, if you are planning on a diverse team with shareholders from other countries other than the US, then it would be wise to choose C-Corp over S-Corp. Additionally, the type of corporation chosen may also be dependent on what it is that you are planning to sell. For example, a limited liability partnership is often limited to professionals, such as lawyers/doctors. Therefore, it is important to choose the right corporation based on the personalities of individuals and the goal of the company, however, this is only one step in the path of running a successful business. 

The answer to this depends on the type of business and the personnel. I the business is small and there are one or a few workers, I would recommend either a sole proprietorship or a LLC/LLP. If there are high risks involved, I would not recommend such a small business level but something more stable like a corporation. This would be to spread the risk thin and possibly mitigate it!