What's the difference between a corporate and a Partnership firm.

Question

Accepted Answer

A corporate firm is a legal entity separate from its owners, while a partnership firm is owned and operated by two or more individuals.

Corporate firms have limited liability, while partnership firms have unlimited liability.
Corporate firms issue shares to raise capital, while partnership firms rely on the personal funds of the partners.
Corporate firms are subject to more complex legal and regulatory requirements, while partnership firms have fewer formalities.
Corporate firms have a centralized decision-making structure, while partnership firms have a more decentralized structure.
Examples of corporate firms include multinational corporations like Apple Inc., while examples of partnership firms include law firms or accounting firms.

Accepted Answer

The main difference was that in a corporate everyone including the CEO is an employee but in a Consulting company Partners are Owners of their business so they run their vertical as an Owner who then passes on the Legacy of the vertical to the people they groom.

What's the difference between a corporate and a Partnership firm.

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