in fact, the office of the texas secretary of state recommends consulting with both an attorney and an accountant before making your final decision. a sole proprietorship is perhaps the simplest and least expensive form of business structure. formal organization or separate business filing is not required, since a lone individual is usually solely responsible for operating the entity. in a general partnership, two or more persons agree to jointly operate a business. additionally, although each partner is jointly responsible for partnership debts, a joint tax filing is not required. a limited partnership is similar in structure to a general partnership, but with the addition of one or more limited partners.