For instance, there is the alternative of operating as a partnership. Entity Has no separate entity from the partners. Has entity separate from its stockholder. A corporation can sue and be sued, hold and deal in property. Changing Ownership Change in interests may create a new partnership.
Arrangements are necessary to end liability of ex-members.
Stock can ordinarily be sold or otherwise transferred at will. Raising Capital Only by loan, or by new membership, or contributions of present members, or by remaking the firm. A corporation raises capital by sale of new stock or bonds or other securities. Making Policy Unanimous agreement of partners usually required, involves problems of personality. Corporate authority is centered in its board of directors, acting by majority agreement.