Differences: 1. Entity Structure: S Corporation (1120-S): An S corporation is a corporation that has elected to pass corporate income, losses, deductions, and credits through to its shareholders for federal tax purposes. It files Form 1120-S annually. Partnership (1065): A partnership is a flow-through entity where two or more persons join to carry on a trade or business, and each partner reports their share of income and deductions on their individual tax return using Schedule K-1. It files Form 1065 annually. Corporate (1120): A regular corporation (C corporation) is a separate legal entity that pays corporate income tax on its profits. Shareholders then pay individual income tax on any dividends received from the corporation. It files Form 1120 annually. Is this correct