PARTNERSHIP Flashcards
WHEN 2 OR MORE PERSON BIND THEMSELVES AND CONTRIBUTE EITHER MONEY, PROPERTY OR INDUSTRY TO A COMMON FUND WITH AN INTENTION TO DIVIDE PROFITS
PARTNERSHIP
ESSENTIAL ELEMENTS
VALID CONTRACT, PARTIES HAVE LEGAL CAP, MUTUAL CONTRI, OBJECT MUST BE LAWFUL, MUST BE TO OBTAIN PROFITS
DESIRE TO FORMULATE AN ACTIVE UNION AND MUTUAL CONFIDENCE AND TRUST EXISTS
AFFECTIO SOCIETATIS
THE PERSON IS FREE TO CHOOSE WHOM WE WANTS TO BE ASSOCIATED WITH AND NOT ANYONE CAN ENTER WITHOUT THE CONSENT OF THE OTHER
DELECTUS PERSONAE
INHERENT RULE OF EVERY PARTNERSHIP
DELECTUS PERSONAE
IT IS ACQUIRED BY THE PARTNERSHIP UPON FORMATION (REGARDLESS OF THE VALIDITY OF THEIR REGISTRATION)
JURIDICAL PERSONALITY
PERFECTION OF THE CONTRACT HAPPENS WHEN?
EXECUTED
WHO CAN ENTER INTO A CONTRACT OF PARTNERSHIP?
INDIVIDUALS, PARTNERSHIP, AND CORPORATION
KIND OF PARTNER: CONTRIBUTES MONEY OR PROPERTY
CAPITALIST
KIND OF PARTNER: CONTRIBUTES INDUSTRY/SERVICES
INDUSTRIAL
KIND OF PARTNER: LIABILITY OF PARTNERSHIP EXTENDS TO THEIR PERSONAL PROPERTY
GENERAL
KIND OF PARTNER: LIABILITY OF PARTNERSHIP ONLY EXTENDS UP TO THEIR CAPITAL CONTRIBUTION
LIMITED
KIND OF PARTNER: MANAGES THE AFFAIRS OF THE PARTNERSHIP
MANAGING
KIND OF PARTNER: TAKES CHARGE OF OF WINDING UP UPON DISSOLUTION
LIQUIDATING
NOT REALLY A PARTNER BUT LIABLE AS A PARTNER
PARTNER BY ESTOPPEL
KIND OF PARTNER: CONTINUES THE BUSINESS AFTER IT HAS BEEN DISSOLVED
CONTINUING
KIND OF PARTNER: THE ONE REMAINS AFTER THE PARTNERSHIP IS DISSOLVED BY DEATH
SURVIVING
NOT A MEMBER BUT CONTRACTS WITH A PARTNER
SUB-PARTNER
A PARTNER THAT IS KNOWN TO THE PUBLIC
OSTENSIBLE
PARTNER THAT IS NOT KNOWN BY THE OUTSIDE PARTIES
SECRET
NOT ACTIVE IN THE PARTNERSHI BUT MAY BE KNOWN AS THE PARTNER
SILENT
DOES NOT TAKE AN ACTIVE PART AND NOT KNOWN AS A PARTNER
DORMANT
