How do you distinguish a partnership from a corporation? How doyou distinguish a public...

90.2K

Verified Solution

Question

Accounting

How do you distinguish a partnership from a corporation? How doyou distinguish a public partnership from a public corporation? Ifyou were starting a business with a friend and only had a choicebetween a partnership and corporation, which would you choose andwhy?

Answer & Explanation Solved by verified expert

4.0 Ratings (423 Votes)

Answer a Partnership and corporation are the form of a business organization Each has their own advantage and disadvantage Meaning of partnership This is a type of business organization in which two or more individuals pool money skills and other resources to earn profit They share profit and loss accordance with terms of the partnership agreement but if there are now written agreement that profit and loss will be share equally See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

In: AccountingHow do you distinguish a partnership from a corporation? How doyou distinguish a public partnership...How do you distinguish a partnership from a corporation? How doyou distinguish a public partnership from a public corporation? Ifyou were starting a business with a friend and only had a choicebetween a partnership and corporation, which would you choose andwhy?