2. Requirements

Question 1

Any legal instrument (legal document) recorded with and authenticated by a public office or employee.

Answer 1

Public instrument

Question 2

Requirements if immovable property or real rights are contributed to the partnership (regardless of the amount)

Answer 2

1. Partnership contract must be in a public instrument.
2. An inventory must be presented with the sign by parties and attached to the public instrument

Question 3

Effects if the Requirements of immovable property or real rights are contributed to the partnership are not complied

Answer 3

Void and will not have a juridical personality

Question 4

Requirements if the capital of the partnership is more than Php 3000 (money or property)

Answer 4

1. Partnership contract must be in a public instrument.
2. Registered with SEC

Question 5

Effects if the Requirements of the capital of the partnership is more than Php 3000 failed to comply with the requirements

Answer 5

Still valid and can acquire juridical personality. Liability of the partnership and the members thereorf to third persons are not affected.

Question 6

Why there’s need to register in SEC?

Answer 6

1. Issuance for the business to operate
2. Will help the local government and BIR to asses tax
3. Help the third person will determine the composition and the capital of the partnership before dealing with its members.

Question 7

Requirements if the partnership is limited

Answer 7

1. Certificate signed under oath by the partners
2. Registered with SEC

Question 8

Effects if Requirements of the partnership is limited failed to comply

Answer 8

Partnership will be considered as general partnership