1. A corporation is a separate legal entity from its owners.

A partnership is a
business entity with individuals who share the risk and benefits of business.A
corporation and a partnership are both entities formed with the intention of
doing business. However, they have very different structures. A partnership is
formed when two or more individuals or businesses come together to do business
for profit, and share the ownership, liability and profits of the business.
A corporation, on the other hand, is a separate legal entity, which is owned by
shareholders. It has legal rights and liabilities, and may work for profit or not for
profit. In case of profit, the profit is first reinvested in the corporation and then among
the stockholders in the form of dividends, as decided by the president of the
corporation. The profits in a partnership may be greater, as there are usually less
owners than a corporation. However, a partnership has limited investment chances
and no liability protections, which means that if anything goes wrong, the owners are
held directly responsible. This is not the case in a corporation, as the corporation is a
separate legal entity, the blame does not fall on the stockholders, but on the
corporation itself and possibly on the board of directors.

2. Yes, a husband and wife may validly form a limited partnership or become
members of such limited partnership because the Civil Code prohibits only the
husband and wife from constituting a universal partnership.

Universal partnership simply is a virtual donation to each other of the partners

properties or at least their usufruct. Husband and wife are prohibited from giving each
other donation or any advantage .

3. Partnership has several advantages over the sole proprietorship. First, it brings
together a diverse group of talented individuals who share responsibility for running
the business. There is a division of work wherein Each and every partner is
specialized in different areas and they have different skills. So, work is divided among
the partners in accordance with their skills and knowledge in partnership. In which,
the decision making in a partnership firm could be faster in comparison to sole
proprietor as all responsibilities and business decisions fall on the shoulders of the
sole proprietor. As a result, as there is division of work among the partners according
to their skills, there are chances to work better and optimum utilization of resources is
possible in partnership as compare to sole proprietor. Second, it makes financing
easier, as for the Capital Contribution, each partner bring capital in order to start the
business. More the partner, more the capital which will help them to grow more in the
business.  The business can draw on the financial resources of a number of
individuals. The partners not only contribute funds to the business but can also use
personal resources to secure bank loans.Next is when it comes to Risk Sharing, the
losses or risk associated with business is shared among the partners; hence the risk in
partnership is less as in comparison to sole proprietorship. Finally, continuity need not
be an issue because partners can agree legally to allow the partnership to survive if
one or more partners die.