What is the difference between a corporation and a partnership?

Moises Rupinski: when few people get togather and decide to run a business, they collect capital and start a business with that. they are not registered with security exchange commission and are are fully liable for the business. that is incase the business bankrupts they have to pay from their own pockets. if a case is filed against the business, it will be filed against the members of the business.in case of corporation, a corporation is a seperate entity. you may say a corporation is a legal person, if the business goes bankrupt the shareholders will not be liable for anything other then the capital invested. a case would be filed against the coporation and not against the members since the corporation is a person in itself. further more corporations are exposed to double taxation...Show more