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    Partnership

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    Micko Lagundino
    According to a new civil code, a partnership is formed when two or more people combine money, property, or skills to generate profits that will be divided among them. A partnership has features like being a voluntary association, a legal entity, co-ownership of property, taxable status, mutual agency between partners, and limited life. For a partnership to be valid, there must be a contract, the partners must have legal capacity, and their contributions must be intended to generate profits to share. Partnerships can be general or limited, and they involve different types of partners like general and limited, capitalist and industrial, real and nominal, ostensible and secret, and universal and particular.

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    Partnership

    Uploaded by

    Micko Lagundino
    16 views2 pages
    According to a new civil code, a partnership is formed when two or more people combine money, property, or skills to generate profits that will be divided among them. A partnership has features like being a voluntary association, a legal entity, co-ownership of property, taxable status, mutual agency between partners, and limited life. For a partnership to be valid, there must be a contract, the partners must have legal capacity, and their contributions must be intended to generate profits to share. Partnerships can be general or limited, and they involve different types of partners like general and limited, capitalist and industrial, real and nominal, ostensible and secret, and universal and particular.

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    Partnership formation

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    According to a new civil code, a partnership is formed when two or more people combine money, property, or skills to generate profits that will be divided among them. A partnership has features like being a voluntary association, a legal entity, co-ownership of property, taxable status, mutual agency between partners, and limited life. For a partnership to be valid, there must be a contract, the partners must have legal capacity, and their contributions must be intended to generate profits to share. Partnerships can be general or limited, and they involve different types of partners like general and limited, capitalist and industrial, real and nominal, ostensible and secret, and universal and particular.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    16 views2 pages

    Partnership

    Uploaded by

    Micko Lagundino
    According to a new civil code, a partnership is formed when two or more people combine money, property, or skills to generate profits that will be divided among them. A partnership has features like being a voluntary association, a legal entity, co-ownership of property, taxable status, mutual agency between partners, and limited life. For a partnership to be valid, there must be a contract, the partners must have legal capacity, and their contributions must be intended to generate profits to share. Partnerships can be general or limited, and they involve different types of partners like general and limited, capitalist and industrial, real and nominal, ostensible and secret, and universal and particular.

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    © All Rights Reserved
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    Partnership: Formation

    According to new Civil Code, Article 1767, partnership is an organization where two or more
    persons bond themselves to contribute money, property or industry into a common fund with the
    intention of dividing the profit.

    Features of Partnership:

    1. Voluntary association
    2. Legal Entity
    3. Co-ownership of Property
    4. Taxable Entity
    5. Mutual Agency
    6. Limited Life
    7. Unlimited Liability

    Elements of Partnership

    1. There must be a valid contract, whether oral or written.


    2. A partnership must be put up by persons having legal capacity to contract.
    3. Their contributions must be in the form of money, property or service.
    4. The purpose of the business is to divide the profit among themselves.

    Kinds of Partnership

    1. As to liability
     General Partnership
     Limited Partnership
    2. As to property
     Universal Partnership of Property
     Universal Partnership of Profits

    Kinds of Partners

    1. General Partner and Limited Partner


    2. Capitalist Partner and Industrial Partner
    3. Real Partner and Nominal Partner
    4. Ostensible Partner and Secret Partner
    5. Universal Partner and Particular Partner

    Accounting for Partnership

    Assets = Liabilities + Partners’ Equity


    Partners’ Equity – Right of the partners over the net assets.

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