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Requisites of a Partnership

a. Valid contract
b. Capacity to contract
c. Contribution of money, property, or industry
d. Object must be lawful
e. Purpose it to obtain profits and divide among the partners
f. There must be at least one general partner
Requisites of a Joint Venture
a. Community of Interest in the performance of the subject matter
b. A right to direct and govern the policy in connection therewith
c. Duty to share the profits and losses
Obligation of a Partner who Receives Share in Partnership Credit
a. A partner has received, in whole or in part, his share in the partnership credit
b. The partnership debtor has become insolvent
c. The other partners have not collected their shares
Rights of a Partner
a. Property rights of a partner
b. Right to reimbursement for amounts advanced to the partnership and to indemnification
for risks in consequence of management
c. Right Associate with another person in his share
d. Right of Access and inspection of partnership books
e. Right to a formal Account of partnership affairs under certain circumstances
f. Right to a true and full information of all things affecting the partnership
g. Right to have the partnership dissolved under certain conditions