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WebThere are some major differences between a firm and a company. In common usage, the words “firm” and “company” are used interchangeably. Firms refer to businesses that … WebJul 5, 2015 · Corporation: The business is a separate entity from the individuals that run the business. Various individuals working in several different management roles like … WebCorporations can make a profit, be taxed, and can be held legally liable. Corporations offer the strongest protection to its owners from personal liability, but the cost to form a corporation is higher than other structures. Corporations also require more extensive record-keeping, operational processes, and reporting. dls-csb career placement office