A private corporation presents many contrasts to a partnership. The law considers a corporation as possessed of a personality independent of those of its members. This is not the case with a partnership.9 A change in the membership of a partnership dissolves the partnership, while the membership of a private corporation may be changed to any extent by the transfer of stock, without affecting the existence of the corporation. The members of a partnership are liable for all the debts of a partnership, while stockholders in a private corporation are generally only liable to the extent of the par value of their stock.

6 1 Dillon Mun. Corp., (3rd ed.), Sec. 18 quoted in Coyle vs. Mclntre, 7 Houst. (Del.), 44, 88, 30 Atl., 728, 40 Am. St. Rep., 109; Andrews Bros. Co. vs. Youngstown Coke Co., 10 Ohio Fed. Dec, 306, 311. 7 Kent Comm., 295, quoted in Porter vs. Rockford, etc., R.

Co., 76 III., 561, 573. 8 La. Civ. Code, art. 427 quoted in State vs. Kuhnke, 109 La., 838, 33 So., 793. 9 I. e., under the Common Law, the Roman or Civil law a partnership' s considered as an artificial person.