2. Better facilities for borrowing. It is a common thing for a
partnership to be changed to a stock company for the express purpose
of raising money by the issue of bonds or stock.
3. Limited agency of directors. A partner may pledge and sell the
partnership property, may buy goods on account of the partnership,
may borrow money and contract debts in the name and on the account
of the partnership. Directors of a joint-stock company must act in
accordance with the provisions of the by-laws of the company.