PARTNERSHIP

Partnership,
concept
A
partnership
is
a
contract
of
two
or
more
persons
who

bind
themselves
to
contribute
money,
property
or
industry
to
a

common
fund,
 upon
a
person
because
a
partnership
is
a
fiduciary
relationship.
It
operates
under
the
doctrine
of
delectus
personae
(or
personarum,
in
its
plural
form),
where
a
person
is
free
to
choose
those
whom
he
wants
to
be
associated
with
in
partnership.

2.
There
must
be
a
mutual
contribution
of
money,
property
or
a.
The
partnership
contract
must
be
in
a
public
instrument;
and

b.
An
inventory
of
the
said
property
must
be
made,
signed
by
the
parties
and
attached
to
the
public
instrument.
(Art.
1773)

Effect
ff
the
above
requirements
are
not
complied
with
a.
The
partnership
contract
 Effect
if
requirements
are
not
complied
with
The
partnership
will
be
considered
as
a
general
partnership.

who
may
become
partners

2
1.

Any
natural
person
2. who
is
capacitated
may
become
a
4.
The
receipt
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.

Exceptions:
No
such
inference
shall
be
drawn
if

such
profits
were
received
in
payment:
a.
As
a
 . °

r
erty
acquired
by
each
Proper partne

the
formation
of
the
oartnership
but
only
if
stipulated
(Art.
1779)
This
property
shall
include:
()
The
property
itself
except
that
the
stipulation
shall
not
include
property
acquired
by
inheritance,
legacy,
or
donation.
 d)
Dividends
of
P50,000.00
were
received
from
the
shares
of
stock.

A
coconut
plantation
was
purchased
by
A
from
his
own
funds.

f)
Coconuts
worth
P80,000.00
were
gathered
from
the
coconut
_
plantation.
g)
A
fishpond
was
received
by
B
by
way
of
donation
2) from
a
rich
uncle.

h)
Fish
during
the
existence
of
the
(Art. partnership
1780)
Profits/
property
which
shall
belongto
the
partnership
a)
Profits
obtained
by
the
partners
by
their
work
or
industry
during
- the

existence
of
the
partnership.
_
Accordingly;
profits
acquired
.
by
the
partners
without
the
exertion
and
shares
of
stock
which
were
donated
to
him.
The
parties
stipulated
that
fruits
of
future
property
shall
belong
to
the
partnership.
During
the
first
year
of
operations
of
the
partnership,
the
following
transactions
took
place:
a)
Fare
revenues
of
P200,000.00
were
realized
from
the
operation
of
the
.
fleet
of
taxis.
b)
Crops
e)
Salary
of
A
as
professor
in
a
college
certain
f)
-
Coconuts
gathered
from
the
coconut
plantation

g)
Fish
harvested
from
the
fishpond
The
fleet
of
taxis
and
agricultural
lot
shall
continue
to
pertain
to
A,
while
the
apartment
and
 persons
fo
enter
into
a
universal
partnership
will
be
a
circumvention
of
the
prohibition
on
donations
between
them.
The
following
donations
are
void:

1)
Donations
between
spouses
during
the
marriage
except
moderate
gifts
on
the
occasion
of
a
family
rejoicing.
2. As
to
liability
These
prohibition
a.
applies
to
persons
living
as
husband
and
wife
without
the
benefit
a.
limited
partners
As
are
to liable
duration
only
to
the
extent
of
their
investment
in
the
partnership.
ON

Partnership
for
a
fixed
term

One
for
which
a
period
for
its
duration
is
fixed
by
the
partners,
.
(Art.
1785)
such
as
a
partnership
with
a
term
of
5
admission,
are
precluded
from
denying
its
existence.
(Art.
1825)
A
partnership
by
estoppel
may
arise
through
any
of
the
following
means:
1)
When
a
person
represents
himself
as
a
partner
in
an
existing
partnership.

a)
If
all
the
partners
consent
to
such
misrepresentation,
a
partnership
.
by
estoppel
is
created
between
the
actual
 known
to
X
to
represent
himself
as
a
partner
in
Durable
Enterprises.
X
thus
.
grants
a
charge
sale
to
Durable
Enterprises
amounting
to
P90,000:0G.
A
partnership
by
estoppel
is
created
among
A,
B,
C
and
D
-and
a
partnership
liability
results
because
-,
all
the
partners
consented
to
the
misrepresentation.
D
becomes
a
partner
by
respect
to
his
contribution,
he
shall
have
the
rights
against
the
other
members
which
he
would
have
had
if
he
were
not
also
a
general
partner,
(Art.
1853),
i.e.,
he
shall
be
liable
pro-rata
to
partnership
creditors
to
the
extent
of
his
separate
assets.
after
the
partnership
assets
have
been.
exhausted,
but
he
can
demand
reimbursement
Liquidating
partner
One
who
takes
charge
of
the
winding
up
of
the
affairs
of
the
partnership
after
it
is
dissolved.
(See
Art.
1836.)
Nominal
partner
One
who
is
not
actually
a
partner
but
who
may
become
liable
as
such
to
third
persons,
(Such
as
a
partner
by
estoppel).