Professional Documents
Culture Documents
Juridical
personality
Purpose
PARTNERSHIP
Created by a
contract, my mere
agreement of the
parties
Has a juridical
personality separate
and distinct from that
of each partner
Realization of profits
Duration/
Term of
existence
No limitation
Disposal/
Transferability
of interest
Power to act
with 3rd
persons
Effect of
deat
h
Dissolution
No. of
incorporators
Commencement of
juridical
personality
May be dissolved at
any time by the will of
any or all of the
partners
Minimum of 2
persons
From the moment of
execution of contract
of partnership
CO-OWNERSHIP
Created by law
CORPORATION
Created by law
None
Has a juridical
personality separate
and distinct from that
of each partner
Depends on AOI
Common enjoyment
of a thing or right
10 years maximum
Co-owner cannot
represent the coownership
Death of co-owner
does not necessarily
dissolve coownership
May be dissolved
anytime by the will of
any or all of the coowners
Minimum of 2
persons
From date of
issuance of certificate
of incorporation by
the SEC
50 years maximum,
extendible to not
more than 50 years in
any one instance
Stockholder has a
right to transfer
shares without prior
consent of other
stockholders
Management is
vested with the Board
of Directors
Death of stockholder
does not dissolve
corporation
Can only be dissolved
with the consent of
the state
Minimum of 5
incorporators
REMEDY
INDUSTRIAL PARTNER
Industrial partner cannot engage
in business (w/n same line of
business with the partnership)
unless partnership expressly
permits him to do so
Capitalist partners may:
1. Exclude him from the firm, or
2. Avail themselves of the
benefits which he may have
obtained
3. Damages, in either case
CAPITALIST PARTNER
Capitalist partner cannot engage
in business (with same kind of
business with the partnership) for
his own account, unless there is
a stipulation to the contrary
Capitalist partner in violation
shall:
1. Bring to common fund any
profits accruing to him from
said transaction, and
2. Bear all losses
decision of partners
owning controlling interest
shall prevail
Concurrence of all
necessary for the validity of
acts
Manner of management
not agreed upon
Absence or disability of
any one cannot be alleged
unless there is imminent
danger of grave or
irreparable injury to
partnership
If refusal of partner is
manifestly prejudicial to
interest of partnership,
court's intervention may be
sought
c.
d.
Confess a judgement
e.
Enter
into
compromise
partnership claim or liability
concerning
f.
Submit partnership
arbitration
or
to
claim
liability
Partnership is liable
Person who represented
himself & all those who
made representation liable
pro-rata/jointly
Person who represented
himself liable & those who
made/consented
to
representation separately
liable
2.
3.
4.
5.
6.
7.
8.
10
AS TRUSTEE
Specific property stated as contributed but
not yet contributed/wrongfully returned
Money/other property wrongfully paid/
conveyed to him on account of his
contribution
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