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(This is only after taking an ecnomics course, so don't bet the hedge on it)
The primary difference, by incorporating, is protection in the court of law. When incorporated, the person that is suing you, isn't suing you, but rather your company. So, if you would lose a lawsuit, your company's assets - NOT your personal ones like your home, would be leeched upon.
I believe too, that the tax filing is also different as well.
(Waits for an accountant to elaborate upon)
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