RFBT Partnership Flashcards
Characteristics of Contract of Partnership
- Bilateral / Multilateral
- Consensual
- Commutative
- Nominate
- Onerous
- Principal
- Preparatory
Essential Elements of Contract of Partnership
- VALIDcontract
- parties must have LEGAL capacity
- MUTUAL contribution of money, property, or industry to a common fund
- OBJECT or purpose must be lawful (art. 1770)
- COMMUNITY of benefit/interest (art.1770)
Is partnership a person?
It is a Juridical person– it has a separate personality from that of each of the partners.
Cases that do NOT establish a partnership (3)
- persons who are not partners to each other are not partners to third persons except through estoppel
- co-ownership is not equivalent to partnership
- sharing gross returns does not of itself establish a partnership
Receiving a share of a business’s profits is prima facie evidence that an individual is a partner in the business. However, no such conclusion should be made if the profits were received as payment for:
a)___
b)___
c)___
d___
- debt by installments or otherwise
- wages of employee or rent to a landlord
- annuity to a widow or representative of a deceased partner
- interest on a loan, through the amount of payment vary with the profits of the business
- consideration for the sale of a business’ goodwill or other property by installments or otherwise
Form of Partnership
- Oral or in writing
- Php 3,000 or more – PR (SEC)
- Immovable - PISA
(Under Form of Partnership) the lack of this will not affect liability to 3rd persons
P3,000 or more – PR (SEC)
Kinds of Partnership as to liability
- General
- Limited
Kinds of Partnership as to object
- Universal (Of all present property |Of profits)
- Particular
Under the universal partnership of all present property, these are deemed automatic.
- Properties at the time of the constitution
- Profits therewith
mga di ko nagawan ng cards:
- universal partnership of all present properties
- universal partnership of profits and yung buong screenshot ng page ng notebook na yun
What are the kinds of partnership as to duration?
Partnership…
- for a fixed term
- for a particular undertaking
- at will
Distinction of Industrial Partner vs Capitalist Partner as to contribution
Industrial: contribution is industry/ service
Capitalist: contribution is money or property
This partner cannot engage in business for himself unless expressly permitted.
[Industrial Partner or Capitalist Partner]
Industrial Partner
This partner cannot engage in business same kind as that of the partnership business unless there is a stipulation to the contrary.
[Industrial Partner or Capitalist Partner]
Capitalist Partner
True or False
As effect in case of violation, an Industrial partner shall be excluded plus damages and shall avail the benefits he obtained in violation of the prohibition plus damages.
False.
As effect in case of violation, an Industrial partner shall be excluded plus damages OR shall avail the benefits he obtained in violation of the prohibition plus damages.
True or False
As effect in case of violation, a Capitalist partner shall bring to the common fund the profits he obtained in violation of the prohibition and shall personally bear all the losses.
True
