Gottlieb Pharmacy has recently been format to develop a new type of drug treatment for cancer. Previously

Question:

Gottlieb Pharmacy has recently been format to develop a new type of drug treatment for cancer. Previously a partnership, Gottlieb has now become a corporation. Describe the various groups that will have an interest in the financial statements of Gottlieb. What is the difference between a partnership and a corporation? What advantages does the corporate form have over the partnership form of business organization?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...