Categories Partnership
Creation requires a voluntary
"association" of persons who
"coown" the business and
intend to conduct the business
for profit
Juridical Personality Has a juridical personality
separate and distinct from
partners
Purpose Realization of profits
Duration
Disposal of Interest
Power to act with third persons
Effect of death
Cooperative
are formed through collective
action by individuals to solve a
common problem.
Has a juridical personality
separate and distinct from
partners
to realize the economic, cultural
and social needs of the
organization's members and its
surrounding community.
may be extended for periods
not exceeding fifty (50) years in
any single instance by
an amendment of the articles of
cooperation, in accordance with
this Code: Provided,
That no extension can be made
earlier than five (5) years prior
to the original or
subsequent expiry date/dates
unless there are justifiable
reasons for an earlier
extension as may be
determined by the Cooperative
Development Authority.
cooperative shall only distribute
its assets or properties upon
lawful dissolution and after
payment of all its debts and
liabilities, except in the case of
decrease of share capital of the
cooperative and as otherwise
allowed by this Code.
Where a member of a
cooperative dies, his heir shall
be entitled to the shares of the
decedent; Provided, That the
total share holding of the heirs
does not exceed twenty
per centum (20%) of the share
capital of the cooperative:
Provided, further, That the
heir quality and is admitted as
member of the cooperative:
Provided, finally, That
where the heir fails to qualify as
such member or where his total
share holdings
exceeds twenty per centum
(20%) of the share capital, the
share or shares in excess
will revert to the cooperative
upon payment to the heir of the
value of such shares.