Brian Hughes and Wendy Perez formed a partnership five years ago. The partnership has been very successful and is growing rapidly. The partners are evaluating future actions for the next five years. They are projecting continue growth of their business. Brian and Wendy are trying to decide whether they should incorporate their business.

Required:

Write a short report explaining the advantages and disadvantages of a partnership versus a corporation that Brian and Wendy can use in making their decision.