What are the key differences in taxation between a partnership and an S corporation?

The key differences in taxation between a partnership and an S corporation are that in a partnership, profits and losses are passed through to the individual partners and taxed at their personal tax rates, while in an S corporation, profits are also passed through to shareholders but losses can only be deducted up to the amount of their investment. Additionally, S corporations are subject to certain restrictions on ownership and can only have up to 100 shareholders.