Incidents that could mean an existence of partnership: **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- ownership Co-ownership – ownership Of an undivided thing or right belongs to different persons Difference of co-ownership and partnership as to…
Creation – co-ownership is created by law, it may exist even without a contract, while 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 consent 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 judgment 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 agreement that it would be used for business 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 to…
Parties – 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 separate 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: husband’s decisions prevail Disposition 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.
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