4. Types Flashcards
14 Kinds of partnership
As to Activity:
1. Trading Partnership
2. Non-Trading Partnership
As to Liability.
3. General Partnership
4. Limited Partnership
As to Object.
5. Universal Partnership of All Present Property
6. Universal Partnership of Profits
7. Particular Partnership
As to Duration.
8. Partnership at will
9. Partnership with a fixed term
10. Partnership for a particular undertaking
As to Legality.
11. De facto Partnership
12. De jure Partnership
As to representation to others
13. Ordinary Partnership
14. Partnership by estoppel
is one engaged in the manufacture, purchase and sale of merchandise.
Trading partnership
is one engaged in rendering services.
Non-trading partnership
is one in which all the partners are general partners.
General partnership
is one which is composed of at least one general partner and all the rest are limited partners.
Limited partnership
is one where the partners contribute to the common fund all the properties actually belonging to each of them at the time the partnership is organized. The intention is to divide among themselves said properties and whatever profits which will be realized by the business.
Universal Partnership of All Present Property
is one which comprises all that may be acquired by the partners through their industry or work during the existence of the partnership.
Universal Partnership of Profits
is one which is formed for the exercise of a common profession.
Particular Partnership
is one which is formed with no particular undertaking nor specified term. It can be terminated anytime as agreed by the partners or at will by one partner.
Partnership at will
is formed with a particular undertaking and terminated upon completion of such undertaking unless the partners opted to continue the partnership.
Partnership with a fixed term
organized to achieve something and will cause termination when achieved.
Partnership for a particular undertaking
is one which fails to comply one or more legal requirements for its establishment.
De facto Partnership
is one which has complied all the legal requirements for its establishment
De jure Partnership
Exist among the partners as well as to third persons.
Ordinary Partnership
If someone acts like a partner in a business and leads others to believe they are a partner, they can be treated as one legally, even if they weren’t formally designated as such.
Partnership by estoppel
13 kinds of partners
(1) General Partner.
(2) Limited Partner.
(3) Capitalist Partner.
(4) Industrial Partner.
(5) Capitalist-industrial Partner.
(6) Dormant Partner.
(7) Secret Partner.
(8) Silent Partner.
(9) Nominal Partner.
(10) General-limited partner
(11) Managing Partner
(12) Liquidating Partner
(13) Ostensible Partner
One whose liability for partnership debts is unlimited and therefore may extend up to his personal assets.
General partner
One whose liability for the debts of partnership is limited to the amount of his capital contribution to the firm.
Limited partner
One whose contributions to the partnership consist of money and/or property.
Capitalist partner
One whose contribution to the partnership is in the form of services, skills, talents, or expertise.
Industrial partner
One whose contributions to the partnership consist of money, property, and services.
Capitalist-industrial partner
One who is not known to be a partner and does not participate in running the affairs of the business.
Dormant Partner
One who participates actively in managing the business but he is not known as a partner.
Secret partner
One who is known publicly as a partner but does not participate in running the affairs of the firm.
Silent partner
One who is active and known partner
Ostensible Partner
One who has no contribution at all but permits his name to be used by the firm. He is a partner in name only.
Nominal partner
