expplained and site example PARTNERSHIP DISTINGUISHED FROM CORPORATIONCorporationby operation oflawManner ofCreationNumber ofPersonsCommencementof JuridicalPersonalityManagementExtent of liabilityRight ofSuccessionTerms ofExistencePartnershipMereagreementTwo or moreArticles ofPartnershipEvery partner isan agentEach partner isliable to theextent of hispersonal assetsexcept limitedpartnerNo right ofsuccessionany period oftime stipulatedby the partnerAt least 5 andnot exceeding15Issuance ofcertificate ofincorporationby the SECVested by theBODStockholder areliable only tothe extent oftheir interest orinvestmentThere is a rightof successionregardless ofdeath,withdrawal,insolvency, orincapacityNot to exceed50 years butsubject toextension

Partnership: A partnership is a type of business arrangement where two or more people jointly own…

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Business

Accounting

expplained and site example

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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expplained and site example

PARTNERSHIP DISTINGUISHED FROM CORPORATION
Corporation
by operation of
law
Manner of
Creation
Number of
Persons
Commencement
of Juridical
Personality
Management
Extent of liability
Right of
Succession
Terms of
Existence
Partnership
Mere
agreement
Two or more
Articles of
Partnership
Every partner is
an agent
Each partner is
liable to the
extent of his
personal assets
except limited
partner
No right of
succession
any period of
time stipulated
by the partner
At least 5 and
not exceeding
15
Issuance of
certificate of
incorporation
by the SEC
Vested by the
BOD
Stockholder are
liable only to
the extent of
their interest or
investment
There is a right
of succession
regardless of
death,
withdrawal,
insolvency, or
incapacity
Not to exceed
50 years but
subject to
extension

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