General Partnership Agreement

ARTICLES OF PARTNERSHIP
Of
FAITH GROCERY STORE
KNOW ALL MEN BY THESE PRESENTS:

That we, the undersigned, all of legal age and residents of the
Republic of the Philippines have agreed to amend a limited partnership
under the terms and conditions herein set forth and subject to the provisions
of existing laws of the Republic of the Philippines.
AND WE HEREBY CERTIFY:
ARTICLE I. That the name of the partnership shall be FAITH
Grocery Store.
ARTICLE II. That the principal office of the Partnership shall be
located at #143 Lacson Street, Bacolod City, Negros Occidental, Philippines.
ARTICLE III. That the names, citizenship, residence and designation
of the partners of said partnership are as follows:
Name Citizenship Residence Designation
Pia A. Villa Filipino BACOLOD CITY General Partner
Kim T. Mendoza Filipino BACOLOD CITY General Partner
Ann C. Sy Filipino BACOLOD CITY General Partner
Ina R. Tan Filipino BACOLOD CITY General Partner
ARTICLE IV. That the term for which said partnership is to exist is
at will of the partners.
ARTICLE V. That the purpose for which said partnership is formed is
to trade grocery goods or items to the public and derive profit from it.
ARTICLE VI. That the capital of the partnership shall be four
hundred thousand, Philippine Currency contributed in cash by the partners
as follows:
Name Amount Contributed

Pia A. Villa P 150,000.00
Kim T. Mendoza P 100,000.00
Ann C. Sy P 90,000.00
Ina R. Tan P 60,000.00
That no transfer which will reduce the ownership of Filipino
citizens to less than the required percentage of capital shall be
recorded in the proper books of the partnership.
ARTICLE VII. That the profits and losses shall be divided among the
partners by the following:
Name Percentage
Pia A. Villa 35% + salary of P 5,000.00 per month
Kim T. Mendoza 30%
Ann C. Sy 25%
Ina R. Tan 10%
ARTICLE VIII. That the rights and duties of each partner are as
follows:
1. To associate another person with him in his share.

2. To have an access to and inspect and copy the partnership
books at reasonable hours.
3. A partner is co-owner with his partners.
4. To act with outmost good faith in his relations with his co-
partners.
5. To render true account and full information of all things
affecting the partnership to any partner or his legal
representatives.
6. To refrain from competing with the firm. Where a partner,
without the consent of his co-partners, carries on competing
business, he must account for and pay over to the firm all
profit made by him in that business.
7. To account to the firm for any benefit derived by him
without the consent of the partnership, or from any by him
of the partnership property, name or business connections.
ARTICLE IX. That the conditions under which the partners may
withdraw money or other assets are as follows:
1. A partner or partners may withdraw a minimum of P2,

000.00 but not more than P10, 000.00.
2. A partner or partners can only withdraw once every quarter.
3. A partner or partners must not have an obligation within the
partnership of more than P30, 000.00.
ARTICLE X. That the books of the partnership are to be kept at its

principal office at #143 Lacson Street, Bacolod City, Negros
Occidental, Philippines
ARTICLE XI. That the causes of dissolution of the partnership are as

follows:
1. By the express will of all the partners who have not assigned
their interest or suffered their to be charged for their
separated debts either before or after the termination of any
specified form or particular undertaking
2. By death of a partner
3. By the bankruptcy of any partner of the partnership
4. Prolonged illness or incapacitation of a partner
5. By any event which makes it unlawful for the business of
the partnership to be carried on or for the members to carry
it on in partnership.
IN WITNESS WHEREOF, we have hereunto set our hands this 29th day
of February, 2016 at Bacolod City, Philippines.
Pia A. Villa
TIN:
Kim T. Mendoza
TIN:
Ann C. Sy
TIN:
Ina R. Tan
TIN:
ACKNOWLEDGEMENT
Republic of the Philippines }

City of Bacolod } S. S.
BEFORE ME, a Notary Public, for and in Bacolod City, Philippines, this 29th
day of February 2016, personally came and personally appeared the following persons
with their Community Tax Certificates as follows:
Name CTC # Date / Place Issued

Pia A. Villa 12345678 01-01-2016 Bacolod City
Kim T. Mendoza 91011127 02-01-2016 Bacolod City
Ann C. Sy 98765432 03-01-2016 Bacolod City
Ina R. Tan 87263897 04-01-2016 Bacolod City
Known to me to be the same persons who executed the FOREGOING

ARTICLES OF PARTNERSHIP, and they acknowledged to me that the same is their
voluntary act and deed.
WITNESS MY HAND AND SEAL on the date first above written.
Anna L. Ang
Notary Public
Valid Until December 31,
2016
PTR. No. 464545454
IBP No. 878787
Roll of Attorney No.
65656
TIN: 232-665-638-000
Bacolod City
Doc. No.:
Page No.:
Book No.:
Series of 2016

General Partnership Agreement

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ARTICLES OF PARTNERSHIP

KNOW ALL MEN BY THESE PRESENTS:

Name Amount Contributed

1. To associate another person with him in his share.

1. A partner or partners may withdraw a minimum of P2,

ARTICLE X. That the books of the partnership are to be kept at its

ARTICLE XI. That the causes of dissolution of the partnership are as

Republic of the Philippines }

Name CTC # Date / Place Issued

Known to me to be the same persons who executed the FOREGOING

WITNESS MY HAND AND SEAL on the date first above written.

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