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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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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