Question: 5 . One of the main differences between a general partnership and an S corporation is that: a . A general partnership pays federal income

5. One of the main differences between a general partnership and an S corporation is that:
a. A general partnership pays federal income tax but an S corporation does not.
b. A general partnership can have a maximum of 100 partners but an S corporation can have any number of shareholders.
c. A general partnership provides no liability protection for the partners, but an S corporations shareholders have significant protection from liability.
d. A general partnership has unlimited (perpetual) life but an S corporation is dissolved upon the death or withdrawal of a shareholder.
e. A general partnership must file articles of incorporation with the state but an S corporation can be formed with an agreement only.

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