Prelims Flashcards
(21 cards)
Define Partnership.
It is a contract whereby two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves.
What are the essential requisites of a partnership?
- Must be a valid contract.
- Parties must have legal capacity to enter into the contract.
- Must have contribution of money, property, or industry to a common fund.
- Object or purpose must be lawful.
- Primary purpose must be to obtain profits to divide the same among the parties.
- There must be at least one (1) general partner.
How do you determine if the business is existing as a partnership?
What are the differences between a co-ownership and a partnership?
As to Creation
What are the differences between a co-ownership and a partnership?
As to Juridical Personality
What are the differences between a co-ownership and a partnership?
As to Purpose
What are the differences between a co-ownership and a partnership?
As to Duration
What are the differences between a co-ownership and a partnership?
As to Disposal of interest
What are the differences between a co-ownership and a partnership?
As to Power to Act with Third Person
What are the differences between a co-ownership and a partnership?
As to Effect of Death
General Rule: The receipt of by a person of a share of the profits of a business is a prima facie evidence that he is a partner in the business. What are the exceptions?
Classification of Partnership
As to its subject matter
Classification of Partnership
As to the liability of the partners
Classification of Partnership
As to its duration
Classification of Partnership
As to the legality of its existence
Classification of Partnership
As to representation to others
Classification of Partnership
As to publicity
Classification of Partnership
As to purpose
A and B are partners in a partnership known as X & Co. They agreed that they would contribute all their properties to a common fund for the purpose of dividing the same between themselves, as well as the profits to be derived therefrom. A contributed all his properties consisting of P100,000 cash and farm implements. What type of partnership did A and B enter into?
Under the verbal contract, A and B contributed P22.00 each for the purpose of purchasing a parcel of land. It was agreed that upon its acquisition, the property would be divided equally between them. A kept the land for himself and refused to divide. B brought an action for partition. Did the parties enter into a contract of partnership?
