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Partnership 6.23.2012Review:Genesis Only an illustration of the three forms of Business OrganizationSole ProprietorshipPartnershipCorporation

I. !RI"IC#$ P%RSO$I'(

Which is the most important diference between a partnership and co-ownership?It is in the matter o jridica! persona!it".Partnership there is jridica! persona!it"#o-ownership no jridica! persona!it"

$he bene%ts o bein& a jridica! person is that "o wi!! be aforded ri&hts which area!so aforded to natra! persons.

'wn certain properties

$ranser ri&hts pertainin& to those properties

(o can se and be sed

)c*ire tit!e

) jridica! person can a!so e+ercise ri&hts ond in the #onstittion ,i!! o i&hts/)s a jridica! person ma" a partnership enjo" a!! o the ri&hts in the bi!! o ri&hts?ot a!!.

ow abot the ri&ht to sfra&e? o. the ri&ht to sfra&e is on!" aforded to natra!persons.ow abot ri&ht a&ainst i!!e&a! search and seires? (es. $he in4esti&atin& bod"sho!d %rst obtain a search warrant to do so.

i&ht a&ainst se!-incrimination? (es.i&ht to bai!? o. ) partnership cannot be imprisoned it wo!d be an absrdsitation.

NATURAL PERSON V. JURIDICAL PERSONatra! Person #reated b" 5od

ridica! Person #reated b" 7aw

$est tbe bab"? #reated b" 5od thro&h the se o scienti%c instrments.

$o be ab!e to ac*ire ridica! Persona!it" wo!d the partnership a&reement ha4e tobe in a pb!ic docment and be re&istered with the 89#? o.

What happens i the" do not re&ister with the 89#? $he" wo!d sti!! ac*ire jridica!persona!it" becase the !aw sa"s that a partnership needs on!" consent rompartners-to-be since a partnership is a consensa! contract. $o be ab!e to ac*ire

jridica! persona!it" it is eno&h or partners to a&ree to be partners.

Wh" then is there a re*irement o re&isterin& in 89#? :or the protection o third-parties and or pb!ic we!are. In other words this is or administrati4e prposes orcon4enience.

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II. %)IS'%&C% O* '+% P#R'&%RS+IP

5enera!!" a partnership is created simp!" when partners a&ree to be partners btthere are e+ceptions. What are the e+ceptions?

$his is when there is a contribtion o immo4ab!e propert" the same sho!d bep!aced in an in4entor" si&ned b" the parties and attached to the pb!ic instrment

otherwise the partnership wi!! be 4oid.

I!!stration;When partners contribte Php100000 each so that it co!d ac*ire a