Economical travel destinations for It can therefore hold property, can make contracts, and can sue and be sued. The life of the company as an independent entity can also extend beyond that of the participants and can be independent from any changes to the composition of the shareholders. A partnership is something in between a sole proprietorship and a corporation. It has more than one owner, but the owners are not like the shareholders of a corporation. It is often simply regarded as an aggregation of persons doing business together. There is no separation of ownership and control within a partnership, similar to the sole proprietorship but different from a corporation. A partner can be the owner and the manager simultaneously. Economical travel destinations 2016.