1.

2.
3. The books of the partnership must be kept at the primary place of business of the partnership and
that each partner may have access to inspect and have a copy to such books provided that it so be
done in a reasonable hour.

4.

5. Partners are solidarily liable with the partnership with regards to third persons if:

There is a wrongful act of any partner acting in the ordinary course of the business of the
partnership or having been provided with authority of his co-partners and the there are any losses or
injury caused to a third party.

6. The difference between a Corporation and a Partnership are the following.

a. In terms of creation a partnership is created through a mutual consent and voluntary agreement
between persons to contribute money, property or industry for the purpose of dividing profits
among themselves, where as a corporation is an artificial being created by operation of law.
b. As to liability the partners of a partnership are liable for the partnership’s obligations up to the
extent of their personal assets, while corporation stockholders are only liable up to the extent of
their stock or subscription.

7. A general partner is a partner who may be liable to for the partnership’s liability personally up to
their personal assets, this also includes industrial partners, if so made into general partners.

Industrial partners are partners who contribute their knowledge, skills, labor and expertise to the
partnership.

8. A partnership contract as required by law should place the partnership contract in a public
instrument if the amount of the capital, either in money or property, would at least be three
thousand pesos or more in value. It is necessary to for a partnership contract whose capital would
be at least three thousand pesos or more to be in a public instrument so that it would be easier to
regulate those kinds of partnerships for tax purposes and for third parties who would want to
engage into business in them would be aware of the contents of such public instrument.

9. As provided for in the law a partnership is an association of two or more persons, who contract
themselves to contribute money, property, or industry into a common fund, for the purpose of
dividing profits among themselves.
10.

11. No, a partner cannot demand the return of his/her share in contribution to the partnership at any
time.

The law provides that a partner can only have his contribution to the partnership returned to him if
the partnership would undergo dissolution. Even prior to the return of his capital, payment to the
creditors of the partnership must take priority and the remaining amount of money after settling the
partnership’s obligations would be divided among the partners according to their share if profit/loss.

12. Universal partnership of all present property means that the individual property contributed by the
partners becomes a common property for the partnership with the intention to divide it amongst
themselves as well as the profits that they may earn, except for properties that a partner may
acquire subsequently by inheritance, donation or legacy. While a universal partnership of profits
means that all the exclusive property owned separately by the partners does not belong to the
partnership and still remains as exclusive property of the partners.