1.

Created by mere agreement of the parties, while corporation is Created by law or by operation of law

2. May be organized by at least two persons while in corporation Requires at least five incorporators
(except a corporation sole)

3. Limited partnership is required by law to add the word “Ltd.” While To its name corporation may
adopt any name provided it is not the same as or similar to any registered firm name

4. Partners are liable personally and subsidiarily (sometimes solidarily) for partnership debts to third
persons while in corporation, Stockholders are liable only to the extent of the shares subscribed by
them

5. Partnership Acquires juridical personality from the moment of execution of the contract of
partnership while in corporation it Acquires juridical personality from the date of issuance of the
certificate of incorporation by the Securities and Exchange Commission

managing partner:

A person who takes active interest in the conduct and management of the business of the firm is known
as active or managing partner.