<human>:  What are the key differences between a sole trader, LLC, and corporation?
<bot>: The key differences between a sole trader, LLC, and corporation are: -A sole trader is a business owned and managed by one person who is personally liable for all the debts and liabilities. -An LLC is a business that is legally separate from its owners, with limited liability for its members. -A corporation is a business owned by shareholders who have limited liability for the company's debts and liabilities.