Formation

The documents required for the formation of a corporation include the article of association, articles of incorporation, shareholder agreement, corporate bylaws, and stock certificates, whereas the documents needed for partnership firms are a business license and a partnership agreement.

Ownership

The minimum number of owners that a partnership business can have is two, whereas in a corporation, the minimum number goes as low as one and a corporation can have an unlimited number of shareholders.

Taxation

A partnership enjoys much lower taxes as compared to a corporation, which is required to pay corporate tax as well as personal tax on the gains and dividends distributions.