One difference between a partnership and a close corporation?

Question

One difference between a partnership and a close corporation?

Answer 1

Liability.  The partners of a general partnership are liable for the debts and obligations of the partnership, while the stockholders of a corporation (even a close corp) are not liable for the debts of the corp.  Note, that banks that lend to close corps will no doubt ask the stockholders to make personal guarantees for the corp's debt.

Tax reporting is another difference, and management of the entity is another.