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Matrix Corp and Partnership

The document outlines similarities and differences between partnerships and corporations, noting that both have legal personalities separate from individuals, can act through agents, and are composed of individuals. However, partnerships involve unlimited liability for general partners, no right of succession, and non-transferability of interests, while corporations have limited liability, perpetual existence, and transferability of interests. The matrix also compares how each is formed, contributions, decision-making structures, and profit/loss sharing.

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Hazel Onahon
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133 views

Matrix Corp and Partnership

The document outlines similarities and differences between partnerships and corporations, noting that both have legal personalities separate from individuals, can act through agents, and are composed of individuals. However, partnerships involve unlimited liability for general partners, no right of succession, and non-transferability of interests, while corporations have limited liability, perpetual existence, and transferability of interests. The matrix also compares how each is formed, contributions, decision-making structures, and profit/loss sharing.

Uploaded by

Hazel Onahon
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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BARBARA HAZEL V.

ONAHON February 9, 2021

MATRIX OF DIFFERENCES AND SIMILARITIES OF


PARTNERSHIP AND CORPORATION

PARTNERSHIP SIMILARTIES OF CORPORATION


CORPORATION AND
*Civil Code *Revised Corporation
PARTNERSHIP
Code
*Created by mere agreement *Both have juridical
of two or more. *Created by law or by
personality separate operation of law
*General Partner has and distinct from that
unlimited liability the individuals *Limited liability
composing them. *One or more person
*Two more persons who can
enter. who can enter.
*Partnership and
*Allowed practice of corporation can act *Does not allow for
profession. only through agents. practice of profession.

*Can contribute cash, *Both are *Can contribute cash or


property and service. Each organizations property. Shareholders
partner must contribute can contribute how
composed of an
equal shares unless much they want.
aggregate of
stipulated.
individuals. *Perpetual existence
*The term depends on what unless the Articles of
is agreed the partners. If Incorporation say
silent, partnership lasts until otherwise.
partner die. If there is a fixed
term and existence is *Right of Succession
extended beyond the agreed can be applied.
upon term, rights and duties *Board of Directors and
remain the same for all trustees are in-charge of
partners. decision making.
*There’s no right of *Sharing of
succession. profits/losses, if
*All partners are in-charge of dividends are given to
decision making. shareholders, they get
the amount
*Sharing of profits/losses corresponding to the
depends in what they have percentage they own in
contributed unless stipulated the corporation.
otherwise.
*Transferability of
*Transferability of Interest Interest can be applied.
cannot be applied.
*Artificial being created
*Two or more persons bind by operation of law.
themselves to contribute
money, property or industry
to a common fund.

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