ARTICLES OF PARTNERSHIP A partnership may be constituted orally or in writing. In the'latter case, partnership agreements are embodied iin the Articles of Partnership. The following essential Provisions may be contained in the agreement: i, 2 5. 4. 8. Br The partnership name, nature, purpose and location; The names, citizenship and residences of the partners; The date of formation and the duration of the partnership; The capital contribution of each partner, the procedure for valuing non-cash investments, treatment of excess contribution (as capital or as loan) and the penalties for a partner's failure to invest and maintain the agreed capital, The rights and duties of each partner; The accounting period to be adopted, the nature of accounting records, , financial statements and audits by independent public accountants; The method of sharing profit or loss, frequency of income measurement and distribution, including any provisions for the recognition of differences _ in contributions; The drawings or salaries to be allowed to partners; The provision for arbitration of disputes, dissolution, and liquidation. _A contract of partnership is. void. whenever immovable property or real rights are contributed and a signed inventory of the said property is not made and attached to a public instrument. Scanned with CamScanner