corporation vs. partnership?

Elissa Curlin: Corporation actually means personification of an organization or a going concern. A partnership ends on the death of a partner.A corporation has no death other than liquidity. Even on liquidity of a corporation, the assets (after meeting liabilities) are either distributed or nationalized, which is not viewed in case of partnerships. A corporation is perpetual in nature. Partners of a partnership firm has personal and as well several liability as good as their firm. In a law suit, the individual partners has to defend themselves apart from their firms for suits against their firms. Whereas a corporation's MD or CEO need not personally have to defend themselves apart from, for suits against heir company. A corporation offers any public to participate them in their business as an open entity, disclose business figures in public, shares the profit to them; whereas partnership firms confine them within limited periphery and do not disclose anything about their ! business to public. Profit sharing pattern for both are on the basis of participating percentages....Show more

Aubrey Tirri: Corporation Vs Partnership

Vickie Clampett: A corporation is a legal entity which exists in perpetuity even as workers come and go. (For instance, Coca-Cola was founded decades ago but while none of the original workers are there, the corporation exists.) Because it is a legal entity, a corporation has similar rights to that of a person. A corporation can be sued or sue others for instance. One cannot sue a worker at a corporation; one sues the corporation instead. Similar to people, corporations file their own tax returns too. Profits from a corporation are distributed to the owners which may or may not include outside shareholders. Some corporations are private. Others are public. Partnerships differ in a couple of ways. In a partnership, the partners are the sole owners of the franchise. There are no shareholders. All pro! fits are returned to the partners who distribute them to their! workers or other investors. Importantly, partnerships are not the same sort of legal entity as a corporation. Individual partners can be sued. If for example, you wanted to sue Coca-Cola you sue the corporation, not the CEO personally. If you sue a partnership, you sue the partners personally. The individual is not seperate from the partnership. Because partnerships have not sold stakes in their venture to the public, they are not as regulated nor as open as corporations. Partnerships end when the partners dissolve the partnership as opposed to living in perpetuity like a corporation....Show more

Ty Kirton: Partnership Vs Corporation

Donita Desjardin: This Site Might Help You.RE:corporation vs. partnership?List two [and explain] two major differences between a corporation and a partnership. thanks!!!