Ann and Jack have been partners for several years. Their firm, A & J Tax Preparation, has been very successful, as the pair agree on most business-related questions. One disagreement, however, concerns the legal form of their business. For the past two years, Ann has tried to convince Jack to incorporate. She believes that there is no downside to incorporating and sees only benefits. Jack strongly disagrees; he thinks that the business should remain a partnership forever. First, take Ann's side, and explain the positive side to incorporating the business. Next, take Jack's side, and state the advantages to remaining a partnership. Lastly, what information would you want if you were asked to make the decision for Ann and Jack?

Answer and Explanation:

The partnership refers to the agreement between the two or more persons, who works as a partners in an organization. The motive of establishing the partnership is to divide the profit and losses in their respective ratio or profit or loss ratio.

On the other hand, the corporation refers to the business organization that reflects the different legal entity with respect to its owners and moreover it involves more statutory compliance.    

Based on this the advantage of partnership is to attractive less taxes and less expensive for creating this business organization as it easy to form.

And, the advantage of corporation is limited liability, long life or unlimited life, and the ownership is easily transferable    

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