Partnership Agency and Trust (Article 1767-1827)

 Obligations & Contracts is from Civil Code of the Philippines, therefore a Civil Law
 Partnership starts form Article 1767 of the Civil Code of the Philippines
- August 30, 1950
- Civil Code of the Philippines was based on the Civil Code of Spain
- A state shall have: Territory, Population, Government, Law
 Ang partnership hindi mo masasabing mas maganda siya sa corporation, depende yan sa kailangan ng
tao at depende sa nature ng negosyo.
“Sabi ko nga sa inyo, meron akong client buong Pilipinas ang sinusupplyan ng product niya pero siya ay
single proprietor. Pero nung una meron siyang financial capability, marami siyang pera kaya niyang
magtayo magisa. Para sa kanya magulo pa yung corporation, may kakausapin pa siya o yung partnership
eh kaya naman niya. So depende yan doon sa sitwasyon.”
“Again, may SYCIP Flores and Velayo they are prominent CPAs, meron na nga din silang mga legal na
hawak eh hindi nila kakayanin yan na magisa lang, kailangan yan magkaroon sila ng mga partners or
associates.”
 Yun naming mga corporation, normally yung mga foreigners kasi hindi yan normally pwedeng
magnegosyo sa Pilipinas ora-orada. Pero normally nagcocorporation sila kasi sabi sa Constitution pwede
naman kaya lang:
- At least 60% ng authorized capital stock of the corporation in the Philippines should be owned by a
Filipino
- Up to 40% for foreigners
 As a rule in partnership: Death of a partner is a ground for dissolution. It depends also on the partnership.
 Kinds of Partners:
a.) As to contribution:
1. Industrial Partner- contributes industry, service, skills or profession (physical or intellectual)
2. Capitalist Partner- contributes money or property to a common fund
3. Capitalist Industrial- contributes both money or property, and skills
b.) As to liability:
1. General Partner
- one who is liable for partnership debts to the extent of his separate property after all the assets of
the partnership have been exhausted
2. Limited Partner
- one who is liable for partnership debts to the extent of his capital contribution only
