– one consisting of general partners who are liable prorate andsometimes solidarily with their separate property for partnership liabilities.
– one consisting of one or more general partners and one or morelimited partners. “LTD” is added to the name of the partnership.
3.According to object
Universal partnership of all present property
– one in which the partnerscontribute all the property which actually belong to each of them, at thetime of the constitution of the partnership, to a common fund with theintention of dividing the same among them as well as the profits whichthey may acquire therewith. All assets contributed to the partnership andsubsequent acquisitions become common partnership assets.
Universal partnership of profits
– one which comprises all that the partnersmay acquire by their industry or work during the existence of thepartnership and the usufruct of movable or immovable property whicheach of the partners may possess at the time of the institution of thecontract. The original movable or immovable property contributed do notbecome common partnership assets.
– one which has for its object determinate things,their use or fruits or a specific undertaking or the exercise of a professionof vocation.
Kinds of Partners
a. According to Investment
– one who contributes capital in money or property.
– one who contributes industry, labor, skill or service.
– one who contributes money, property and industry
b. According to Liability
– one whose liability to third persons extends to his private property
– one whose liability to third persons is limited only to the extent of hiscapital contribution to the partnership.
c. According to Participation
- a partner in name only.
– one who takes active part in the business but whose connection withthe partnership is concealed or unknown to the public.