A partnership is the default business structure for a company with multiple owners. In a partnership, co-owners report their share of the business’s income and losses on their personal tax returns. A corporation, which is formed by filing articles of incorporation, is a legally separate business entity owned by shareholders. An elected board and board-appointed officers manage…

Priyanka Prakash writes for NerdWallet. Email: articles@nerdwallet.com.

The article Partnership vs. Corporation: Key Differences and How to Choose originally appeared on NerdWallet.

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