This is the principle in Partnership wherein a person has the right to choose the person or persons he wants to become his partners.

ABC hotel, a duly registered Hotel in Matabungkay Batangas and has a 30% authorized capital stock and has been profiting for 5 years already is considered as a non-stock corporation.

It is an artificial being created by operation of law, having the right of succession & the powers, attributes & properties expressly authorized by law or incident to its existence.

A sole corporation is a family owned and managed corporation.

A family owned resort business duly registered with the Securities and Exchange Commission is a corporation sole.

Corporation has no right of succession.

JJJ Food Corporation is an artificial being.

What is the nature of partnership?

The composition of a partnership

A corporation has a limited liability to investors.

In this kind of corporation, there are five or more persons assumed to act as a corporation, knowing that it has no authority to operate as such. in this case, all the persons involved will be liable as general partners.

A kind of corporation which is formed or organized for the government of a portion of the State.

This is a corporation which is organized in one state or country but extends to corporate business in either territories or countries.

It means the capacity for continuous existence despite the death or replacement of its shareholders or members, for it has a personality & distinct from those who compose it.