please answer thr following question below,
Two new businesses, Business 1 with two owners, and Business 2 with one owner; they need your advice on the type of business entity that provides the most tax advantages. Business entities are sole proprietorship, a partnership, a C corporation, and S corporation.
Business 1 expects yearly sales of $1,000,000 and net income of $400,000.
Business 2 expects yearly sales of $200,000 and net income of $60,000
Requirement: based on the above information, what type of legal entity would you recommend to each owner? Explain why