If you don't have profit, your taxes will be low or nonexistent. That's what you're in it for. But obviously, some differences do come into the picture at some point. Here, in the simplest terms are the main differences.
Sole proprietors figure the tax on their businesses as part of their personal tax returns.
The consequence of this is that the business income is subject to individual tax rates. The consequence of this is that business income of a partnership is subject to individual tax rates. Two equal partners may pay different amounts of tax on partnership income if they are in different tax brackets. The amount of each partner's share is determined based on their partnership agreement. If there is no written agreement, the way the partners actually divide the profits of the business is usually the guide for dividing the various tax items that are reported on Schedule K-1.