In your words, please answer the following questions elaborating where possible:

1. How do you distinguish a partnership from a corporation? How do you distinguish a public partnership from a public corporation? If you were starting a business with a friend and only had a choice between a partnership and corporation, which would you choose and why?
2. How does partnership accounting differ from corporate accounting?
3. What are the differences between a Subchapter S corporation and a Subchapter C corporation?