Scribd Logo
Upload

Welcome to Scribd!

  • 47 views

    Partnership

    Uploaded by

    Yenelyn Apistar Cambarijan
    A partnership is defined as a contract between two or more persons to contribute money, property, or industry to a common fund with the intention of sharing profits. It is a business organization with a personality separate from its partners. Key characteristics of a partnership contract include that it is consensual, bilateral or multilateral, has a special legal designation, and is a means for partners to enter other contracts and engage in business to generate profits to share. While the practice of a profession is not a business, the law allows two or more persons to jointly pursue a profession, such as law or medicine, as business partners.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Partnership

    Uploaded by

    Yenelyn Apistar Cambarijan
    47 views2 pages
    A partnership is defined as a contract between two or more persons to contribute money, property, or industry to a common fund with the intention of sharing profits. It is a business organization with a personality separate from its partners. Key characteristics of a partnership contract include that it is consensual, bilateral or multilateral, has a special legal designation, and is a means for partners to enter other contracts and engage in business to generate profits to share. While the practice of a profession is not a business, the law allows two or more persons to jointly pursue a profession, such as law or medicine, as business partners.

    Original Description:

    b

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    A partnership is defined as a contract between two or more persons to contribute money, property, or industry to a common fund with the intention of sharing profits. It is a business organization with a personality separate from its partners. Key characteristics of a partnership contract include that it is consensual, bilateral or multilateral, has a special legal designation, and is a means for partners to enter other contracts and engage in business to generate profits to share. While the practice of a profession is not a business, the law allows two or more persons to jointly pursue a profession, such as law or medicine, as business partners.

    Copyright:

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

    Partnership

    Uploaded by

    Yenelyn Apistar Cambarijan
    A partnership is defined as a contract between two or more persons to contribute money, property, or industry to a common fund with the intention of sharing profits. It is a business organization with a personality separate from its partners. Key characteristics of a partnership contract include that it is consensual, bilateral or multilateral, has a special legal designation, and is a means for partners to enter other contracts and engage in business to generate profits to share. While the practice of a profession is not a business, the law allows two or more persons to jointly pursue a profession, such as law or medicine, as business partners.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    PARTNERSHIP

    Article 1767
    Partnership a contract whereby two or more persons bind
    themselves to
    contribute money, property or
    industry to a common fund,
    with the intention of
    dividing the profits among themselves and
    with
    the
    practice of their profession.
    Other definition:
    1) A partnership is an association of two or more persons to carry on as
    co-owners a business for profit.
    2) A partnership is a legal relation based upon the expressed or implied
    agreement of two or more competent persons whereby they unite their
    property, labor or skill in carrying some lawful business as principals
    for their joint profit.
    3) A partnership is a joint undertaking to share in the profit and loss.
    4) A partnership is the status arising out a contract entered into by two
    or more persons whereby they agree to share as common owners the
    profits on a business carried on by all or any of them on behalf of all of
    them.
    5) A partnership is an organization for production of income to which each
    partner contributes one or both of the ingredients of income, which are
    capital or service.
    6) A partnership is an entity, distinct and apart from the members
    composing it and,, for the purpose of which it was created; it is a
    person having its own assets and liabilities and any benefit or liability
    attaching to a member of the partnership, results from the partnership
    relation.
    Note: As a form of business organization, a partnership falls
    between two extremes of organization form- the single
    proprietorship and the corporation.

    Profession a calling in the preparation for or practice of which academic learning


    is required
    and which has for its prime purpose the rendering of
    public service.
    - Whole body of persons or a group of persons engaged in calling
    - a group of men pursuing a learned art as a common calling in the
    spirit of public service no less a public service because it may
    incidentally be a means of livelihood.
    Note: The practice of a profession is not a business or an
    enterprise for profit. However, the laws allows the joint pursuit
    thereof by two or more persons as partners.See ARTICLE 1783

    The law does not allow


    profession as a corporate entity.
    It is both:
    A contract
    A business organizationa
    personality separate
    that of each of the partners

    individuals

    juridical

    to

    practice

    entity which has


    and distinct from

    Characteristics of a contract of partnership


    1. Consensual perfected by mere consent, that is upon the express or
    implied
    agreement of two or more persons;
    2. Principal does not depend upon any other contract for its
    validity or existence
    3. Bilateral or multilateral- entered into by two or more persons
    whose rights and
    obligations
    are
    always
    reciprocal
    4. Nominate- a special name or designation given to it by law
    5. Preparatory- a means by which other contracts will be entered
    into as the
    partnership pursues its business;
    -a means to an end, to engage in business for the realization of
    profits with the view of dividing them among the
    contracting parties
    6. Onerous- partners contribute money, property or industry to a
    common fund

    You might also like