A sole-proprietorship has one owner who has unlimited liability for the business.
A partnership involves two or more people who combine resources for the business and share profits and losses.
A corporation is considered to be a separate legal entity from its shareholders. For tax purposes a corporation is a “Person”.
A trust or estate usually has beneficiaries that benefit from it. A trust can include an inter vivos trust (gifted during one’s lifetime) and a testamentary trust (given because of someone’s death) as explained in ITA 108(1).
