Continues until formal dissolution. Not affected by death. Taxes Profit and loss are reported on owner's state and federal income tax returns. Partnership files an information return. Partnership files an information return.
Profits are subject to taxation at the corporate level and again at the shareholder level.
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.