Created by registration with a written constitution

No special formality required

Separate legal person. Company owns its property, can sue and be sued in contract

Not a separate legal person, partners own property, and are liable on contracts

Shares transferable

Limits on the transfer of shares. Partnership may have to be dissolved

No maximum number of members

Normal maximum is 20

Can create fixed and floating charges

Fixed charges only

Management by directors

Management by partners

Company liable for debts

Partners personally liable for debts

Disclosure rules

Private affair

Formal dissolution procedure

May dissolve by agreement