Elements of a Partnership

1) Consensual – perfected by mere consent.

2) Nominate – it has a special name or designation.

3) Bilateral – both parties are bound reciprocally.

4) Onerous – both expects to benefit through the giving of something.

5) Principal – does not depend on another contract for its validity.

6) Preparatory – it is entered as a means to an end, the realization of profits.

Features of Partnership

1) Valid contract

2) Legal capacity to contract

3) Mutual contribution of money, property or industry

4) Purpose must be to obtain profit and divide it among themselves

- There must be intention to divide the profits among the members, although not necessarily in

equal shares.

- The distribution of losses is but a consequence of the same.

- Stipulation to exclude a partner from a share of profit or loss is void.

General Rule
- Any person may be a partner who is capable under the law of entering into contractual

relation