Differences: 2. Tax Treatment: S Corporation (1120-S): Income, losses, deductions, and credits are passed through to shareholders and reported on their individual tax returns. Shareholders are subject to tax on their share of the S corporation's income. Partnership (1065): Profits and losses flow through to partners, who are subject to tax on their distributive share of partnership income regardless of distributions received. Corporate (1120): Regular corporations pay corporate income tax on their net income at the entity level. Shareholders are then taxed on any dividends received from the corporation, resulting in potential double taxation. Is this correct