SOLE PROPRIETOR

This is a business that is owned and operated by a single individual.

The taxes are completed on a personal tax return.

PARTNERSHIP

This is a business arrangement between two or more individuals that share both the profits and liabilities of a business.

The taxes are completed on a personal tax return.

CORPORATION

This is a distinct legal entity, separate from its owners and/or shareholders.

The taxes are completed on a corporate tax return.