Which of the following is not a business structure?

A business structure refers to the legal format in which a business operates and is typically characterized by specific frameworks for ownership, liability, and taxes. The options that represent recognized business structures are the partnership, sole proprietorship, and Subchapter S corporation.

A partnership involves two or more individuals who share ownership and responsibilities of a business, where profits and losses are distributed among partners according to their agreements. A sole proprietorship is the simplest form of business organization, owned and run by a single individual, who is personally responsible for all liabilities. A Subchapter S corporation is a corporation that meets specific Internal Revenue Code requirements, offering limited liability protections while allowing profits (and losses) to be passed through directly to owners’ personal income without being subject to corporate tax rates.

In contrast, a team is an informal term used to describe a group of individuals working together towards a common goal but does not represent a legal business structure. It lacks any formal recognition or implications concerning ownership, liability, or taxation, which are core aspects defining a true business structure. Thus, identifying the team as not a business structure is accurate.