Preview

Civil Code of the Philippines

Powerful Essays
Open Document
Open Document
3237 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Civil Code of the Philippines
Republic Act No. 386
June 18, 1949

The Civil Code of the Philippines
AN ACT TO ORDAIN AND INSTITUTE THE CIVIL CODE OF THE PHILIPPINES
Title IX. - PARTNERSHIP

CHAPTER 4
LIMITED PARTNERSHIP (n)

Art. 1843. A limited partnership is one formed by two or more persons under the provisions of the following article, having as members one or more general partners and one or more limited partners. The limited partners as such shall not be bound by the obligations of the partnership.
Art. 1844. Two or more persons desiring to form a limited partnership shall:
(1) Sign and swear to a certificate, which shall state - (a) The name of the partnership, adding thereto the word "Limited";
(b) The character of the business;
(c) The location of the principal place of business;
(d) The name and place of residence of each member, general and limited partners being respectively designated;
(e) The term for which the partnership is to exist;
(f) The amount of cash and a description of and the agreed value of the other property contributed by each limited partner;
(g) The additional contributions, if any, to be made by each limited partner and the times at which or events on the happening of which they shall be made;
(h) The time, if agreed upon, when the contribution of each limited partner is to be returned;
(i) The share of the profits or the other compensation by way of income which each limited partner shall receive by reason of his contribution;
(j) The right, if given, of a limited partner to substitute an assignee as contributor in his place, and the terms and conditions of the substitution;
(k) The right, if given, of the partners to admit additional limited partners;
(l) The right, if given, of one or more of the limited partners to priority over other limited partners, as to contributions or as to compensation by way of income, and the nature of such priority;
(m) The right, if given, of the remaining general partner or partners to continue the

You May Also Find These Documents Helpful

  • Powerful Essays

    E. The Grantor intends to transfer and assign all of its right, title and interest in this Statutory…

    • 4961 Words
    • 20 Pages
    Powerful Essays
  • Good Essays

    2. Limited Partnership (LP): There are still General Partners, but any Partner who is NOT actively involved with making decisions or running the Partnership is a LIMITED Partner and these Limited Partners have Limited Liability. The Limited Partners can only be sued up to the extent of their investment in the Partnership and can lose nothing else.…

    • 3783 Words
    • 16 Pages
    Good Essays
  • Better Essays

    Law 421 Week 4 Assignment

    • 1340 Words
    • 6 Pages

    | A general partnership is a business entity that is made up of two or more entities to carry on a trade or business.…

    • 1340 Words
    • 6 Pages
    Better Essays
  • Good Essays

    LIT1 Task 1

    • 1514 Words
    • 5 Pages

    Profit Retention – All profits are divided equally between the partners unless otherwise stated in…

    • 1514 Words
    • 5 Pages
    Good Essays
  • Good Essays

    Lit 1 Task 1

    • 720 Words
    • 3 Pages

    Liability- Partners share all profits but are completely liable for all debts associated with the partnership, just as one would with a sole proprietorship…

    • 720 Words
    • 3 Pages
    Good Essays
  • Good Essays

    HCS 567 Week 3

    • 721 Words
    • 3 Pages

    For business with two or more owners the decision may be to utilize a general or a limited partnership. The general partnership is not dependent on one person for its successes in fact all the partners have a say in how the business runs and functions as per the partnership agreement (Barringer & Ireland, 2010). This type of organization is similar to the sole proprietorship in that the income is noted on the partners’ personal tax returns as the venture files and an informational tax return only (Barringer & Ireland, 2010). The venture also has limited liquidity. Limited partnership is a modified general partnership with the modification being the addition of two different class of partners, general and limited. This venture is used when attempting to…

    • 721 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    M1 Unit 3 Business Plan

    • 4037 Words
    • 17 Pages

    receive more or less than 50% of the business unless agreed upon by both partners.…

    • 4037 Words
    • 17 Pages
    Powerful Essays
  • Satisfactory Essays

    lit1 task 3

    • 739 Words
    • 3 Pages

    PROFIT RETENTION- The partnership has the ability to decide how the profits are allocated amongst each partner.…

    • 739 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    IN CONSIDERATION OF the matters described above and of the mutual benefits and obligations set forth in this agreement, is agreed as follows:…

    • 713 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Exam w answers

    • 5251 Words
    • 21 Pages

    As a general rule, when a person obtains an interest in partnership capital through rendition of services, compensation (ordinary) income is recognized to the extent of the fair market value of the interest received.…

    • 5251 Words
    • 21 Pages
    Good Essays
  • Satisfactory Essays

    American Federal Tax Report

    • 4628 Words
    • 19 Pages

    in the sale or exchange of a partnership interest are to be treated "in the same manner as…

    • 4628 Words
    • 19 Pages
    Satisfactory Essays
  • Powerful Essays

    Review for Exam 3

    • 941 Words
    • 5 Pages

    6. General partners or Limited Partners of a limited partnership remain jointly and severally liable for partnership obligations?…

    • 941 Words
    • 5 Pages
    Powerful Essays
  • Powerful Essays

    A partnership is a business structure where 2 or more individuals come together in order to conduct business. There are three types of partnerships, general partnerships, limited partnerships, and undeclared partnerships The partnership is constituted by a partnership agreement, where all the framework such as the contributions, share in profits, intentions, etc. are determined. In a partnership each partner is considered to be an equal co-owner of the entity, unless the partnership agreement states otherwise. Each parter pays share of taxes due in accordance to the value of their ownership, and, in case of failure, equally shares in all of the liabilities of the partnership. Thus, in a partnership, liabilities are shared but not limited. The benefit of partnerships is that general partners are only taxed once. The partnership itself pays no taxes.…

    • 1693 Words
    • 6 Pages
    Powerful Essays
  • Powerful Essays

    Second Part, their heirs, devises, successors and assigns, the following described "Time Share Interest" (as hereinafter defined) in Westgate Palace, A TIME SHARE…

    • 777 Words
    • 5 Pages
    Powerful Essays
  • Better Essays

    formed; are willing to certify, if required; and are willing promptly to disclose, if required…

    • 1925 Words
    • 8 Pages
    Better Essays