Accounting Questions

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The characteristics of a partnership and a corporation are similar and different in many ways. Both entities usually have more than one owner, i.e. the partnership is formed between two or more persons and the corporation is owned by shareholders. Partnerships are formed based on an agreement between two or more persons and are easy to form and start. Corporations are more difficult to start because legal documents have to be filed and the state or national incorporation requirements of the business’s location have to be met. By filing this paperwork the corporation becomes a legal entity. While partnerships end with the withdrawal or death of a partner, or admittance of a new partner, corporations have an unlimited life as a separate legal entity and are not affected by shareholder changes....

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