A sole proprietorship is an unincorporated business that is owned by an individual. It is the simplest kind of business structure.

The owner of a sole proprietorship has sole responsibility for making decisions, receives all the profits, claims all losses, and does not have separate legal status from the business. If you are a sole proprietor, you also assume all the risks of the business. The risks extend even to your personal property and assets.

If you are a sole proprietor, you pay personal income tax on the net income generated by your business.

You may choose to register a business name or operate under your own name or both.

If you operate as an individual, just bill your customers or clients in your own name. If you operate under a registered business name, bill your clients and customers in the business's name. If your business has a name other than your own, you'll need a separate bank account to process cheques payable to your business.

A partnership is an association or relationship between two or more individuals, corporations, trusts, or partnerships that join together to carry on a trade or business.

Each partner contributes money, labour, property, or skills to the partnership. In return, each partner is entitled to a share of the profits or losses of the business. The business profits (or losses) are usually divided among the partners based on the partnership agreement.

Like a sole proprietorship, a partnership is easy to form. In fact, a simple verbal agreement is enough to form a partnership. However, most partnerships are governed by a written agreement setting out rules for partners entering or leaving the partnership, the division of partnership income, and other matters.

The partnership is bound by the actions of any member of the partnership, as long as these are within the usual scope of the operations.

A corporation is a distinct and separate legal entity from its owner who are called Shareholders. It has its own rights and liabilities distinct from its shareholders. It is run by the managers who are also called Directors. They take all the decisions for the corporation and responsible for all compliances. 

In Canada, a corporation can be numbered corporation or the named corporation. For the named corporation, the name has to be approved and registered by Corporation Canada. There are some benefits of corporation mainly 

LIMITED LIABILITY - Generally the shareholders of the corporation are not responsible for its debts and their losses are usually restricted to their investment in the corporation.

LOWER CORPORATION TAX - Corporations are taxed separately from its shareholders at a lower rate than individuals. 

CONTINUOUS EXISTANCE - As the corporations are separate legal entities, they have continuous existence unless they are dissolved. On the death of the shareholders, their shares are transferred to others who may be the legal heirs or beneficiaries. The death of the shareholder or the sale of the shares does not effect the existence of the corporation. 

Ontario Personal Real Estate Corporation (PREC). As of October 1, 2020 Ontario government has approved to incorporate their business as a corporation for the real estate agents.