PARTNERSHIPS - it is a CONTRACT whereby two or more persons (1) bind

themselves to CONTRIBUTE money, property, or industry to a COMMON FUND (2)

with the intention of dividing the PROFITS among themselves or in order to
EXERCISE a PROFESSION (Art. 1767)

ARTICLE 1767. By the contract of partnership two or more persons bind themselves to contribute money,
property, or industry to a common fund, with the intention of dividing the profits among themselves. Two
or more persons may also form a partnership for the exercise of a profession. (1665a)

Two types of partnership:

General partnerships
o one where all the partners are general partners
o they are LIABLE even with respect to their individual properties, after the
assets of the partnership has been exhausted

Limited partnerships
o one where at least one partner is a general partner and the others
are limited partners
o one whose liability is limited only up to the extent of his contribution

a partnership where all the partners are limited partners cannot exist as a
limited partnership
REFUSED REGISTRATION
IF it continuous as such, it will be considered as a general partnership
and all the partners will be general partners

DURATION OF PARTNERSHIP
UNLIMITED
* MAY BE AGREED UPON
1. EXPRESSLY definite period
2. IMPLIEDLY upon achievement of its purpose

REQUISITES FOR EXISTENCE OF PARTNERSHIP [I, CF, JI]

1. INTENTION to create a partnership
2. COMMON FUND obtained from contributions
3. JOINT INTERESTS in the PROFITS

Articles of Partnership.
While the partnership relation may be informally created and
its existence proved by manifestations of the parties, it is
customary to embody the terms of the association in a
written document known as Articles of Partnership
stating the name, nature or purpose and location of the
firm, and defining, among others, the powers, rights,
duties, and liabilities of the partners among themselves,
their contributions, the manner by which the profits and
losses are to be shared, and the procedure for
dissolving the partnership.