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When Amy joined a real estate firm, she was given several hundred shares of stock in the firm and was officially made a partner. The

When Amy joined a real estate firm, she was given several hundred shares of stock in the firm and was officially made a partner. The firm accountant explained that this partnership looks much like a corporation and is traded on a stock exchange but is taxed like a partnership and thus avoids the corporate income tax. Income received is not taxed before it is passed on to investors as dividends as it would be if the company were a corporation. This firm is likely a special form of ownership called a

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