Presumably, more often than not every individual or a group of them get into business for the medium to long haul. The previous generations of our ancestors took pride in not just doing business but creating institutions that exist in perpetuity, doing what they were meant to do when in business.
Over the last 2 centuries, various entities have evolved and as always, business, commerce and trade have taken the lead in the march of time and evolved legal structures to suit business arrangements and needs of the day for conducting organized business and trade. Now, you have various options available under laws of almost every legally organized country in the world. Let's see what the various entities available are under law.
Depending on the size of your business and the nature of activity, choose any of the above entities. Of course, you can migrate from one type to another with necessary approvals and paper-work. As always, it is highly recommended to seek professional help before finalizing on the entity.