Reading through several of the comments here, I noticed many were of the opinion of choosing an LLC; justly so since there are many advantages like limited liability and the potential for dividends. The kind of business I would want to own would be highly dependent on what the nature of that business was. Taking a bit of a fun twist on it, let's say I wanted to start a business for one of my hobbies-art. 

For my art-paintings- business I would want a Sole Proprietorship. The Sole Proprietorship Corporation type would allow me the advantages of having the funds transfer directly to me from paintings sold, have flexibility in how I do my business, allow me to hire others to aide in my business, and taxes would still be simple-flow-through taxes. While there are disadvantages to the Sole Proprietorship Corporation type (i.e. you are directly liable, lawsuits and debtors go after you and your assets directly, and the business dies when you die), in this specific case, the disadvantages are more low risk. Unless I'm borrowing money to get my business off the ground heavily, the disadvantages would be manageable. The disadvantage of direct lawsuits that might occur from selling paintings are probably less risky or common as they might be from one who has a business in mowing lawns as the professor gave an example of in this weeks lecture. 

I would pick an LLC and I currently am an owner of a few LLC's due to some specific reasons. Firstly let me briefly explain that my friends and I started a merchandise company and we registered it as an LLC. This was due to a few reasons. As the name states, Limited Liability is one of the main reasons. It provided us with the assurance that our personal assets could be protected and we could operate freely. Another thing is the tax benefits but there are also some cons. For one, our profits are taxed annually. This means we would pay more taxes. Also, it is harder to rase capital then it would be in a corporation. I am happy with my decision but if I were to go into a different field of business then there is potential for my choice to change. 

Personally, I would want to be part of a Limited Liability Company (LLC). The big advantage of an LLC is that it provides liability protection, meaning my personal assets wouldn’t be at risk if the business faces legal issues or debts. I’d also have flexibility in management and fewer formalities compared to a corporation. Taxes are simpler since profits pass through to the owners, avoiding double taxation like in a C Corp.