1) The phylum Chordata is defined by five key characteristics present during some life stage: a notochord, pharyngeal slits, an endostyle or thyroid gland, a post-anal tail, and a dorsal tubular nerve cord.
2) The phylum contains three subphyla: Urochordata (tunicates), Cephalochordata (lancelets), and Vertebrata (vertebrates).
3) Vertebrates are the most complex group and possess an internal skeleton, segmented muscles, complex skin, and more advanced digestive, respiratory, circulatory, nervous and excretory systems compared to other chordates.