Profits are taxed once. Liability The owner's personal assets are at risk. Each partner's personal assets are at risk. Limited to corporate assets with few exceptions. Limited to corporate assets with few exceptions.
Dissolution Pay all debts, taxes and claim against business.
Pay all debts, taxes and claim against business. Settle accounts among partners. Pay all debts, taxes and claim against business. Settle accounts among partners. File cancellation certificate with Secretary of State.