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1)Creation Contract Law Law

2) Judicial Personality As p’ners Stockholder
3) Purpose Realization of profits Common enjoyment of Depends on the article
thing/right of corpo
4) Duration/term of No limit 10 years 50 ears
5) Disposal/transfer of P’ner may not dispose May freely do so Stockholder has a right
interest of his interest unless to transfer shares w/o
agreed upon by all prior consent of other
p’ners stockholders
6) Power to act w/ third Absence of stipulation Co owner cannot Mgt is vested w/ right
person to the contrary p’ners represent the co the BOP
may bind p’ship ownership
because each p’ner is
an agent of p’ship
7) As to the effect of Results in dissolution of Death of co ownership Death of stockholder
death p’ship does not necessarily does dissolve the corpo
dissolved co ownership
8) Dissolution May be dissolved @ May be dissolved Can only be dissolved
anytime by the will of anytime by the will of w/ the consent of the
any or all of the p’ners any of or all of the co state
9) No. of incorporators Min. of 2 Min. of 2 Min. of 5
10) Commencement of From the moment of NONE From the date of the
juridical personality exception of contract of issuance of the
p’ship certification of
incorporation by the

As to Contribution Money, property Industry
As to Prohibitions of engaging in 1 line Cannot engage in other business
As to profit Pro rata Just and equitable