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    Midterm Partnership Reviewer

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    Neska
    The document defines a partnership and outlines how to determine if one exists based on sharing of gross returns and profits. It also states that a partnership must have a lawful object or purpose for the common benefit of partners. It then discusses different types of partnerships including universal and particular partnerships. It notes the obligations of partners and specifies that a partnership begins at the moment the contract is executed unless otherwise stipulated.

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    Midterm Partnership Reviewer

    Uploaded by

    Neska
    26 views3 pages
    The document defines a partnership and outlines how to determine if one exists based on sharing of gross returns and profits. It also states that a partnership must have a lawful object or purpose for the common benefit of partners. It then discusses different types of partnerships including universal and particular partnerships. It notes the obligations of partners and specifies that a partnership begins at the moment the contract is executed unless otherwise stipulated.

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    MIDTERM PARTNERSHIP REVIEWER

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    The document defines a partnership and outlines how to determine if one exists based on sharing of gross returns and profits. It also states that a partnership must have a lawful object or purpose for the common benefit of partners. It then discusses different types of partnerships including universal and particular partnerships. It notes the obligations of partners and specifies that a partnership begins at the moment the contract is executed unless otherwise stipulated.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    26 views3 pages

    Midterm Partnership Reviewer

    Uploaded by

    Neska
    The document defines a partnership and outlines how to determine if one exists based on sharing of gross returns and profits. It also states that a partnership must have a lawful object or purpose for the common benefit of partners. It then discusses different types of partnerships including universal and particular partnerships. It notes the obligations of partners and specifies that a partnership begins at the moment the contract is executed unless otherwise stipulated.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    PARTNERSHIP REVIEWER

    Definition of Partnership:

    G E N E R A L P R O V I S I O N
    >The partnership has a juridical personality separate and distinct from that of each of
    the partners.
    How to determine whether a partnership exists? (PCSR)
     Partners who are not partners to each other are not partners to third persons
     Co-owners or co-partners does not of itself establish a partnership
     The sharing of gross returns does not of itself establish a partnership
     Receipt of a person to share in the profits is a prima facie evidence
    XPN: (DWAIC)
    -as a debt by installment or otherwise
    -as wage of an employee or as rent to a landlord
    -annuity to a widow or representative of a deceased
    -as interest on a loan
    -as consideration for the sale of a goodwill of a business
    >A partnership must have a lawful object or purpose and must be for the common
    benefit of each partner.
    Unlawful partnership:
    -dissolved by judicial decree
    -The profits shall be confiscated by the State
    >A partnership may be instituted in any form
    XPN: if it is a real right or immovable property. It needs to be in a form of public
    instrument. Otherwise, the contract of partnership is void!
    Whenever immovable property is being contributed, an inventory must be made, signed
    by the parties and attached to a public instrument. (ISA)
    As to its object, a partnership may be…
    UNIVERSAL or
    ALL PROFITS ALL PRESENT PROPERTY
    What constitutes common property

    Only usufruct of the All properties actually belonging


    properties of the partners to the partners are contributed
    become common Property. – they become common property

    (movable or immovable property (owned by all of the partners and


    which each partners possess shall the partnership).
    at the time of the celebration of the contract
    shall belong exclusively to each)

    As to profits as common property

    All profits acquired by their


    industry or work of the partners
    become common property
    during the existence of partnership
    (whether or not they were
    obtained through the usufruct
    contributed) As to profits from other sources:

    GR: Aside from the contributed properties,


    the profits of said property become common property.
    XPN: Profits from other sources may become common if
    there is a stipulation to such effect.

    As to properties subsequently acquired:

    GR: Properties subsequently acquired by inheritance,


    legacy or donation, cannot be included in the stipulation
    (ILD)

    XPN: Only fruits thereof can be included in the


    stipulation

    When there is no specification as to what type of partnership, it shall be deemed as a universal


    partnership of profits because it imposes lesser obligations on the partners since they preserve the
    ownership of their separate property.

    Persons who are prohibited to give donation or advantage cannot enter into universal partnership.

    PARTICULAR
    -has for its object determinate things, their use of fruits, or a specific undertaking or the exercise of
    their profession or vocation

    O B L I G A T I O N S O F T H E P A R T N E R S

    When does a partnership begins?

    The partnership begins at the moment of the execution of the contract unless otherwise stipulated.

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