 Last time we were talking about the different forms of companies and in that we were talking about the sole proprietorship and the partnership. And again, we tend to encapsulate the different tax dimensions of these two different forms. Today, we are going to be talking about the corporation, which is the most important entity in the context of corporate governance. When we tend to look at the different corporations, then for tax purposes they are separate entities and are also considered as a legal person. The profits generated by a corporation are taxed as the personal income of the company and the income distributed to the shareholders as dividends or profits are taxed again as the personal income of the owners. So, what we see in the corporations is that there is double taxation and the first level of taxation is whatever the profit the corporation is basically earning that is taxed and then when those profits are distributed to the different shareholders, then those shareholders are also taxed for the profit that they are earning. And when we look at the advantages and disadvantages, then what we see is that limited liability of the owners to debts or to losses. Now, this is very important. Debt and losses belong to the corporation can be transferred to new owners fairly easily and the fourth advantage is personal assets cannot be seized to pay for business debts. So, what we see is four fundamental advantages while the disadvantages is that corporate operations are costly and there is the double taxation. Now, again when we tend to look at the limited liability company, then it is a business structure whereby the owners are not personally liable for the company's debts or liabilities. There are different advantages and disadvantages. The advantage is limits liability to the company's owners for debts or losses and the profits of the LLC are shared by the owners without double taxation. The disadvantages are that ownership is limited by certain state laws and in the beginning an LLC has a high cost due to legal and different filing fees. So, this is how we can look at the different differences that occur between a sole proprietorship, between a partnership and between a corporation and a limited liability company. Thank you.