Chapter 1: GENERAL PROVISIONS (1767-183)

Question 1

1767: What is a partnership?

Answer 1

By the contract of partnership 2 or more persons by themselves to contribute money, property or industry to a common fund, with the intention of dividing the profits among themselves.
Two or more persons may also form a partnership fpr the exercise of a profession.

Question 2

P’ship characteristics (6) & essential RQs (4)

Answer 2

CHARS:
1. Consensual
2. Principal
3. Bilateral 
4. Nominate 
5. Preparatory 
6. Onerous
RQs
1. must be a VALID Contract
2. mutual contribution of MPI to a common fund
3. lawful object/purpose
4. must be established for the common benefit/interest of the partners - to obtain prpfits and divide it among themselves.

Question 3

latin for “choice of person”

Answer 3

delectus personae

Question 4

4 advantages & 5 Disadvantages

Answer 4

ADV:
1. easier to organiez
2. less gov’tal supervision & control than corp
3. 1 cant be admitted w/o other’s consent
4. Every partner has a voice.
DISADV:
1. unli liab for GPs
2. easily dissolved (death, withdrawal, insolvency)
3. has ltd pship; no power of succession
4. difficult to raise capital
5. industrial P- can’t engage in any other bus.

Question 5

1768: Juridical personality of a PSHIP meaning

Answer 5

has its own legal exicstence & is susceptible of rights & obligrations

Question 6

1768: PSHIP has 3,000 capital or more- RQs + effect otherwise

Answer 6

1. contract- in PUBLIC INSTRU
2. recorded in SEC
   effect otherwise: still acquires JP

Question 7

1769: Rules in determining whether a PSHIP exists

Answer 7

Doesnt establish PSHIP

1. persons not partners as to each other are not persons as to 3rd persons
2. Co-ownership /co-possession whether they do/dont share profits
3. Sharing of GR
4. Receipt of a share of profits - A PRIMA FACIE EVIDENCE that one is a partner. EXPNS:
   > payment for debt, wages, rent, annuity, loan interest, sale of goodwill.

Question 8

1770: a PSHIP must have a lawful object/purpose. Otherwise

Answer 8

A. illegality constitues a crime:

1. PSHIP is VOID
2. Ps- criminally prosecuted
3. proceed of crime - in favor of govt

B. illegality doesnt constitute a crim:

1. Pship is VOID= no JP
2. proceeds/profits (not the P’s contrib) - forfeited,

Question 9

1770: examples of unlawful PSHIP

Answer 9

gambling, prostitution, smuggled goods

Question 10

1771- a PSHIP may be constituted in ANY FORM, except where immovable property or real rights are contributed there to, in which ______

Answer 10

a public instrument shall be necessary

Question 11

1772: Every contract of PSHIP having a capital of 3,000 or more, in money or property, shall appear in a public instru, which must be recorded in SEC. Failure to comply with this RQ shall ___

Answer 11

not affect the liab of the PSHIP and the members thereof to 3rd persons.

Question 12

1773: a contract of PSHIP is void, whenever immovable property (or real rights) is contributed thereto, __.

Answer 12

if an inventory of said property is not made, signed by the parties and attached to the public instru.

Question 13

1774: an immovable property or an interest therein may be acquired in the PSHIP name. Title so acquireed can be ______

Answer 13

conveyed only in the PSHIP name

Question 14

1775: Associations and societies, whose ARTCILES ARE KEPT secret among the members, and wherein any one of the me bers may contract in his own name with thirs persons, shall ___

Answer 14

have no JP and shall be governed by the provisions relatin to co-ownership.

Question 15

1776: As to its object, a PSHIP is either _____.

As regards the liability of the partners, a PSHIP may be ______

Answer 15

1. universal or particular

2. general or limited

Question 16

1777: a universal partnership may refer to _____

Answer 16

all the present property or to all the profits

Question 17

1778: ___: the partners contribute all the property which actually belongs to them to a common fund, with the intentipn of dividing the same among themselves, as well as the profits which they may acquire therewith

Answer 17

PSHIP of all present property.

Question 18

1779: in a ____the property which belong to each of the partners at the time of the partnership becomes the common property of the partners, as well as the profits which they may acquire therewith.

Answer 18

a universal partnership of all present property

Question 19

1779: a stipulation for the common enjoyment of any other profuts may also be made; but ___

Answer 19

the property which the parties may acquire subsequently by inheritance, legacy. or donation cannot be included in such stipulation, except the fruits thereof.

Question 20

1780- A universal partnerhsip of profits comprises all that the partners may acquire by ____

Answer 20

their industry or work during the existence of the partnership.

Question 21

1780: UPOP: Movable or immovable property which each of the partnetrs may possess at the time of the celebration of the contract shall___

Answer 21

continue to pertain exclusively to each, only the usufruct passing to the pship.

Question 22

1781: Articles of universal partnership, entered into without specification of its nature, ____

Answer 22

only constitute a UNIVERSAL PROPERTY OF PROFITS.

Question 23

1782: Who are the persons who cannot enter into a universal pship? + enumeration

Answer 23

Persons who are prohibited from giving each other any donation or advantage.

Question 24

1783: A particular pship has for its object , _____

Answer 24

determinate things, their use or fruits, or specific undertaking, or the exercise of a profession or vocation.

Question 25

What are the kinds of partners as to liab, contrib, other classfications?

Answer 25

liab:
1. GP
2. LP
3. GL-P
Contrib:
1. CAPITALISTS
2. INDUSTRIALISTS
3. CAPITALIST-INDUSTRIALIST

others (1-8)