PARTNERSHIP

12. To operate under a firm nature

(Art. 1815)

“By the contract of partnership two or more 13. To avoid unauthorized acts (Art.
persons bind themselves to contribute money, 1818)
property, or industry to a common fund, with the
intention of dividing the profits among themselves. 14. To be solidarily liable for wrongful
acts (Art. 1822) and losses (Art. 1823)
Two or more persons may also form a partnership
for the exercise of a profession. (1665a)”
-Art. 1767-
RIGHTS OF A PARTNER

OBLIGATION OF PARTNERS: 1. To share in profits (Art.1799)

and surplus (Art. 1812)
1. To deliver money or property
promised (Art.1768) along the fruits 2. To be reimbursed for
amounts he spent for
2. To warranty the property partnership business
contributed even in case of eviction (Art.1796)

3. To contribute to save the business

3. To a Formal account
in case of loss (Art. 1791) (Art.1809)
4. To see the consent of other
partners when altering immovable 4. To co-own and progress
property (Art. 1803, paragraph 2) specific partnership property
(Art. 1810) for official
5. To be responsible for damages purposes
(Art.1794) and obligations (Art.
1826)
5. To participate in
6. To bear the loss of a specific things management (Art. 1810)
(Art. 1795)

7. To share in the losses (Art. 1797) POWERS OF PARTNERS

even he was only pretending to be
a partner (Art 1825) a) To convey property (Art. 1819)
b) To bind the partnership (Art. 1822)
8. To bring in his Share /collected c) To be an agent of the partnership
from an insolvent debtor (Art. 1793) d) Decision-Making (Art. 1818)
e) For the Notices or receiving info (Art. 1821)
9. To render on demand true and full
info (Art. 1806)

10. To account for any benefits (Art.

1807)

11. To be a Trustee of partnership

profits (Art. 1807)
 - Profits from industry commonly
enjoyed
KINDS OF PARTNER - Must be composed of person who are
I. General Partners allowed to partner with each other
- Liable for losses and benefit, rights and - Persons who are prohibited from giving
power of partners each other any donation or advantage
- All rights and benefits of partnership cannot enter into a universal
Partnership (Art. 1782)
- Prohibited from donating each other?
II. Industrial Partner
(1st par. 739, civil code)
- Contributes services sometimes
- -concubinage- not imprisoned but
property
net to go away about 200 kl
- Cannot engage in business for himself
(Art. 1789)
- Usually not liable for losses (Art. 1797,
VII. General Professional Partner
2nd par.) 1.1.1. Particular Partnership
- Liable for losses when he’s - Specified undertaking determinate
Fraudulently things (Art. 1783)
III. Managing Partner - Short live partner
- Appropriates personal and partnership
debt (Art. 1792)
- Act Independently of or with the
consent or fellow managing partner
(Art. 1801)
- May be overridden by the partner with
controlling interest (Art. 1801)

IV. Capitalist Partner

- Control partner
- Cannot compete again the partnership
(Art. 1808)

V. Limited Partner
- Not bound by the obligation of the
partnership
- Cannot contributed services (Art. 1845)
- With one or more general partner
- With a contribution that may be
returned after an agreed period (1844)
or under certain condition (1857)
- Usually not liable as a general partner
(Art.1848)
- Is not named in the partnership name
(Art.1846)
VI. Universal Partnership
- Of all present property (Art. 1778)
- Of all profits- of all your profits became
part of the company (Art.1780)
- Properties are commonly used