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In your words, please answer the following questions elaborating where possible: How do you distinguish a partnership from a corporation? How do you distinguish a

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?

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