Business Law, Articles

Incidents that could mean an existence of league **share in profits and losses, equal rights to management, every partner binds the other partners, all partners are liable or debts except partners with limited liabilities, partners have a relation, dissolution does not terminate the partnership but continues until the partnership is completed again. 3. 7. Partnership distinguished from co- willpower Co-ownership ownership Of an undivided thing or right belongs to different persons Difference of co-ownership and partnership as toCreation co-ownership is created by law, it may exist even without a burn, firearm a partnership is created by contract. Juridical personality -? co- ownership has a separate juridical parties while partnership has none. Repose co-ownership common enjoyment of something or a right, partnership profit Duration co-ownership 10 years, partnership no limitation Disposal of interest (share in profit) partnership cannot dispose interest without hope of all partners, co-ownership may freely do so Power to act with third persons partner could bind the partnership, co- owner could not bind the co-ownership.Only one persuasion against co- owners does not bind the other co-owners. Effect of death co-ownership does not necessarily dissolve co-ownership, partnership dissolves (A & B greed to share 1000 pesos to buy a land that would be divided equally between them co-ownership, because there is no savvy that it would be used for telephone circuit purposes. ) 3. 8. Partnership distinguished from conjugal partnership of gains Conjugal partnership gains formed by marriage wherein husband and wife place in a common fund the income from their separate properties Difference of business partnership and conjugal partnership as toParties business voluntary agreement Of two or more, conjugal husband and wife agrees Laws which govern business governed y stipulation (agreement) of parties, conjugal by law Juridical personality business has sepa rate juridical personality, conjugal none Commencement (beginning) partnership from execution of contract (unless stipulated), conjugal from celebration of marriage, stipulation is void Purpose business profit, conjugal regulate properties of husband and wife Distribution of profits business according to agreement or in proportion to the capital shared, conjugal divided equally Management business equally, unless one is appointed as manager, conjugal husbands decisions prevail trend of hares business may be disposed without the consent of the others, conjugal cannot be disposed during marriage, even with consent 3. 9. Partnership distinguished from voluntary associations.