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    Article 1805-1807

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    Dianne Medel Gumawid
    1) The partnership books shall be kept at the principal place of business, or as agreed by the partners. 2) Every partner has access to inspect and copy all partnership books at any reasonable hour. 3) Partners must disclose full information about matters affecting the partnership to any partner or legal representative of a deceased partner. 4) Any partner who receives benefits or profits without consent must account for it and hold it in trust for the partnership.

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    Article 1805-1807

    Uploaded by

    Dianne Medel Gumawid
    238 views11 pages
    1) The partnership books shall be kept at the principal place of business, or as agreed by the partners. 2) Every partner has access to inspect and copy all partnership books at any reasonable hour. 3) Partners must disclose full information about matters affecting the partnership to any partner or legal representative of a deceased partner. 4) Any partner who receives benefits or profits without consent must account for it and hold it in trust for the partnership.

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    1) The partnership books shall be kept at the principal place of business, or as agreed by the partners. 2) Every partner has access to inspect and copy all partnership books at any reasonable hour. 3) Partners must disclose full information about matters affecting the partnership to any partner or legal representative of a deceased partner. 4) Any partner who receives benefits or profits without consent must account for it and hold it in trust for the partnership.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    238 views11 pages

    Article 1805-1807

    Uploaded by

    Dianne Medel Gumawid
    1) The partnership books shall be kept at the principal place of business, or as agreed by the partners. 2) Every partner has access to inspect and copy all partnership books at any reasonable hour. 3) Partners must disclose full information about matters affecting the partnership to any partner or legal representative of a deceased partner. 4) Any partner who receives benefits or profits without consent must account for it and hold it in trust for the partnership.

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    © All Rights Reserved
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    PARTNERSHIP

    CONTENTS

    1805 1806 1807


    ARTICLE 1805
    The partnership books shall be
    kept, subject to any agreement
    between
    the partners, at the principal place
    of business of the partnership, and
    Always remember!
    every partner shall
    Partnership is under the principle of MUTUAL TRUST at any reasonable hour have access
    and CONFIDENCE among the partners
    to and may inspect and copy any of
    them.
    The partnership books shall be kept
    in the following places, in order:
    (1)In accordance with partnership
    agreements
    (2)If there were no agreements, then
    the partnership books shall be kept in
    Always remember!
    the principal place of business of the
    Each partner will have access to ALL partnership (ex: headquarters)
    partnership books.
    ARTICLE 1806
    Partners shall render on demand
    true and full information of all
    things
    affecting the partnership to any
    partner or the legal representative
    Always remember!
    of any deceased
    Every partner is bound to disclose the status of the partner or of any partner under
    Partnership to the partner
    legal disability.
    Suppose A, B and C are in a partnership wherein A is sent to inspect partnership
    property in Mindanao.
    A realizes that the property contains oil deposits and does not disclose this information
    to B and C.
    He also lies and says that the property is completely useless for their business and offers
    to buy B and C’s interests in the partnership.
    When A is the only one holding the business, he develops the land and gains substantial
    profits from the oil deposits.
    B and C later on learn about the information A kept hidden from them and demand that
    they be given their shares in the oil profits.
    The question now is, can B and C, after having sold their interests in the partnership, still
    share in the profits?
    Yes, they will be allowed to share in the profits because the information regarding oil
    deposits was present when they sold their share to A, just that it was hidden from them.
    ARTICLE 1807
    Every partner must account to the
    partnership for any benefit, and
    hold as trustee for it any profits
    derived by him without the consent
    of the other partners from any
    transaction connected with the
    Always remember!
    formation, conduct, or liquidation of
    A partner who receives benefits or profits derived
    without consent of others shall account for it as the the partnership or from any use by
    partnerships.
    him of its property.
    Thank you for listening

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