They exist diverse business structures that have different characteristics. The most known business structures are Corporations, Partnership, Sole Proprietorship, and Limited Liability Company. Sole proprietorships are entities owned by an individual. Business profits and losses are incurred by the owner. A partnership is a business structure that is owned by two or more people. Profits and losses are shared among the partners. Limited Liability Company is a fusion between corporations and a partnership. They are owned by any individual or more than two peoples. Losses and gains are split among the members. Corporations are business structures that are owned by shareholders. They shield owners from monetary and legal liabilities. The diverse business structure attracts various tax structures. The sole proprietorship is the business structure that minimizes taxes as businesses under this structure are not taxable. Taxes are only applicable to the income and properties of the owner hence no taxes are imposed on those businesses. The owner and the business are legally the same. All of the business liabilities, assets and incomes are treated as properties of the business owner.