Introduction to Partnership

The definition of Partnership according to the Civil Code of the Philippines.

Each owner in a Partnership is called _________

The characteristic of a Partnership that states:

"there cannot be a partnership without the contribution of money, property or industry to a common fund."

The characteristic of a Partnership that states:

"the essence of partnership is that each partner must share in the profits or losses of the venture."

The characteristic of a Partnership that states:

"all assets contributed into the partnership are owned by the partnership by virtue of its separate and distinct juridical personality."

(in short all properties contributed are jointly owned by each partner)

The characteristic of a Partnership that states:

"Any partner can bind the other partners to a contract if he is acting within his express or implied authority."

The characteristic of a Partnership that states:

"A partnership has a limited life. It may dissolved by the admission, death, insolvency, incapacity, withdrawal of a partner or expiration of the term specified in the partnership agreement."

The characteristic of a Partnership that states:

"All partners (except limited partners), including industrial partners are personally liable for all debts incurred by the partnership. If the partnership can not settle its obligations, creditors' claims will be satisfied from the personal assets of the the partners without prejudice to the rights of the separate creditors of the partners."

The characteristic of a Partnership that states:

"partnerships, except general professional partnerships, are subject to tax at the rate of 30% of taxable income, per R.A. No.9337"

The characteristic of a Partnership that states:

"the difference of accounting for partnership from sole proprietorship is the number of partner's equity accounts. Each partner has a capital account and a withdrawal account that serves similar functions as the the related accounts for sole proprietorship."