Business Law & Regulation

Partnership – 2 or more person bind themselves to contribute MONEY, PROPERTY, and INDUSTRY to
a COMMON FUND with the INTENTION OF DIVIDING PROFITS.

ELEMENTS OF PARTNERSHIP/ ESSENTIAL REQUISITES:

1. VALID CONTRACT
2. ORGANIZE FOR PROFIT
3. ORGANIZE FOR THE COMMON BENEFIT & INTEREST OF ALL PARTNERS

ASSIGNMENT: GENERAL PROVISIONS, OBLIGATIONS OF THE PARTIES,

DISSOLUTION AND LIQUIDATION.