Partnership Annotations

Question 1

This is a calling in the preparation for or practice of which academic learning is required and which has for its prime purpose the rendering pf public service.

Answer 1

Profession

Question 2

What are the elements of a contract of partnership?

Answer 2

1. Consensual
2. Commutative
3. Preparatory
4. Bilateral
5. Onerous
6. Nominate
7. Principal
8. Fiduciary
9. Informal

Question 3

What are the essential features of a partnership contract?

Answer 3

1. There must be a valid contract
2. There must be a contribution of Money, Property, or Industry to a common fund
3. The parties must have the legal capacity to enter into a contract
4. The object must be lawful
5. The primary purpose must be to obtain profit/gain and divide the same among the parties

Question 4

Differences between co-ownership and partnership

Answer 4

1. Creation - Co-Owners are designated generally by law, not always through contracts, but Partnerships are only created through contracts.
2. Juridical Personality - Partnerships are treated as a person separate and distinct from the partners, Co Owners aren’t
3. Purpose - Partnerships is purposely made to realize profit, Co Owners is to have common enjoyment of a thing or right
4. Duration - There’s no limitation for a duration of a partnership
   Co Owners aren’t allowed to keep the thing undivided for more than 10 years
5. Disposal of interests - Partners may not, unless agreed upon by everyone, Co Owner is free
6. Effect of death - Dissolves a partnership. does not dissolve a co ownership

Question 4

This is a partnership formed by the marriage of husband and wife by virtue of which, they place in a common fund the fruits and income from their separate properties and those acquired through their efforts or by chance, and unless otherwise agreed in the marriage settlements, divide equally, upon the dissolution of the marriage or the partnership, the net gains or benefits obtained by either or both of them during the marriage.

Answer 4

Conjugal Partnership of Gains

Question 5

What are the effects of an unlawful parnetship?

Answer 5

1. Contract is void ab initio
2. The profits shall be confiscated in favor of the government
3. The instruments or tools and proceeds of the crime shall also be forfeited in favor of the government
4. The contributions of the partners shall not be confiscated unless they fall into no 3.

Question 5

When should a contract of partnership be recorded in the office of securities and exchange commission and appear in a public instrument

Answer 5

When the capital of money or property exceeds 3,000 or more

(Failure to comply doesn’t prevent the formation of the partnership or affect its liabilities)