Taoism's highest divinity is the trinity aka San Qing, The Three Pure Ones.
They are the Heavenly Lord Yuan Shi, Heavenly Lord Lingbao, and Heavenly Lord Daode(aka Tai Shang Lao Jun, Lao Tze).They are inseperable and the most impt divine in taoism.
Lay Taoists, whom wish to regard Taoism as their lifelong religion, may be initiated into Taoism as an initaited layman Taoists. The difference between initiated Taoists and folk Taoists are, they need to obey the three refude and the 5 precepts. A rituals will be conduted, petition will be send to heaven, informing San Qing, Jade Emperor, the Three Divine Official(heaven, earth and water) and Divine General Wang lingguang.
From then on, initiated Taoists need to obey the precepts and divines will look after them. When the time comes, their soul will accend to heaven, with San Qing and the Jade Emperor. Their names will be recorded in the book handled by the three divine officials.
Initiated Taoists seek refuge in the Three Pure Ones, as they represent the Three Treasures in Taoism. They are the Tao(Dao), the teachings(Jing), the patriarchs(Shi). The Three Pure ones are the avatar of Tao, and the whole cosmic, including all other divines, beings, originated from them. they are like the mother of all things. the whole Taoism revolves around the trinity.
The Three refuge is also the 'three precepts', whereby one(taoist) seek refuge in the 'body precepts' - to follow the way of Tao. the 'mind precepts - to study the scriptures in Taoism, the 'life precepts' to obey the teachings of the patriarchs and master.
as for the 5 precepts...
The first precept admonishes against the destruction of life. This is based on the principle of goodwill and respect for the right to life of all living beings. By observing this precept one learns to cultivate loving kindness and compassion. One sees others' suffering as one's own and endeavors to do what one can to help alleviate their problems. Personally, one cultivates love and compassion; socially, one develops an altruistic spirit for the welfare of others.
The second precept, not to take things which are not given, signifies respect for others' rights to possess wealth and property. Observing the second precept, one refrains from earning one's livelihood through wrongful means, such as by stealing or cheating. This precept also implies the cultivation of generosity, which on a personal level helps to free one from attachment and selfishness, and on a social level contributes to friendly cooperation in the community.
The third precept, not to indulge in sexual misconduct, includes rape, adultery, sexual promiscuity, paraphilia, and all forms of sexual aberration. This precept teaches one to respect one's own spouse as well as those of others, and encourages the practice of self-restraint, which is of utmost importance in spiritual training. It is also interpreted by some scholars to mean the abstention from misuse of senses and includes, by extension, non-transgression on things that are dear to others, or abstention from intentionally hurting other's feelings. For example, a young boy may practice this particular precept by refraining from intentionally damaging his sister's dolls. If he does, he may be said to have committed a breach of morality. This precept is intended to instill in us a degree of self-restraint and a sense of social propriety, with particular emphasis on sexuality and sexual behavior.
The fourth precept, not to tell lies or resort to falsehood, is an important factor in social life and dealings. It concerns respect for truth. A respect for truth is a strong deterrent to inclinations or temptation to commit wrongful actions, while disregard for the same will only serve to encourage evil deeds. The Buddha has said: "There are few evil deeds that a liar is incapable of committing." The practice of the fourth precept, therefore, helps to preserve one's credibility, trustworthiness, and honor.
The last of the five Taoist moral precepts enjoins against the use of intoxicants. On the personal level, abstention from intoxicants helps to maintain sobriety and a sense of responsibility. Socially, it helps to prevent accidents, such as car accidents, that can easily take place under the influence of intoxicating drink or drugs. Many crimes in society are committed under the influence of these harmful substances. The negative effects they have on spiritual practice are too obvious to require any explanation.
Taoist priests. on the other hand, will need to obey even more precepts and self cultivations.
There are many more precepts, like the 8 precepts, 27 precepts etc.. Taoists who wish to go on to higher level may like to take these precepts as they go along.