0 оценок0% нашли этот документ полезным (0 голосов)
91 просмотров8 страниц
This document provides an overview of key concepts relating to partnerships under Philippine law. It defines a partnership as two or more persons binding themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves.
Some essential characteristics of partnerships include them being consensual, bilateral, generous, and committed. Essential requisites include a valid contract and mutual contribution to the common fund. Certain persons like spouses are legally incapable of entering into partnerships.
Partnerships can take various forms including universal, particular, limited, and silent partnerships. Partners have responsibilities and liabilities depending on their classification as general, limited, nominal or dormant partners. Partnerships are governed by
This document provides an overview of key concepts relating to partnerships under Philippine law. It defines a partnership as two or more persons binding themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves.
Some essential characteristics of partnerships include them being consensual, bilateral, generous, and committed. Essential requisites include a valid contract and mutual contribution to the common fund. Certain persons like spouses are legally incapable of entering into partnerships.
Partnerships can take various forms including universal, particular, limited, and silent partnerships. Partners have responsibilities and liabilities depending on their classification as general, limited, nominal or dormant partners. Partnerships are governed by
This document provides an overview of key concepts relating to partnerships under Philippine law. It defines a partnership as two or more persons binding themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves.
Some essential characteristics of partnerships include them being consensual, bilateral, generous, and committed. Essential requisites include a valid contract and mutual contribution to the common fund. Certain persons like spouses are legally incapable of entering into partnerships.
Partnerships can take various forms including universal, particular, limited, and silent partnerships. Partners have responsibilities and liabilities depending on their classification as general, limited, nominal or dormant partners. Partnerships are governed by
LECTURE AID PARTNERSHIP PARTNERSHIP - Two or more persons bind themseles to !ontrib"te mone#$ propert#$ or ind"str# to % !ommon &"nd$ with the intention o& diidin' the pro&its %mon' themseles. - Two or more persons m%# %lso &orm % p%rtnership &or the e(er!ise o& % pro&ession. Essential Characteristics: %. )onsens"%l e. *rin!ip%l b. Bil%ter%l &. Nomin%te !. +nero"s '. *rep%r%tor# d. )omm"t%tie Essential reqisites: %. There m"st be % %lid !ontr%!t b. The p%rties m"st h%e le'%l !%p%!it# to enter into the !ontr%!t Pers!ns inca"acitate# t! enter int! a c!ntract !$ ni%ersal "artnershi": ,. spo"ses d"rin' the e(isten!e o& the m%rri%'e -. between persons who %re '"ilt# o& %d"lter# or !on!"bin%'e .. between persons '"ilt# o& the !ommission o& the s%me o&&ense in !onsider%tion thereo& /. between p"bli! o&&i!er or his wi&e or some other person b# re%son o& the p"bli! o&&i!e. b. There m"st be m"t"%l !ontrib"tion to the !ommon &"nd C!ntri&ti!n t! a c!''!n $n#: 1. *ropert#0 re%l$ person%l$ t%n'ible or int%n'ible 2. Mone# 0 !%sh$ %nd le'%l tender e(!ept i& there is % stip"l%tion 3.Ind"str# 0 ment%l or ph#si!%l IM*+RTANT1 limited p%rtners !%n onl# !ontrib"te mone# o& propert#. !. The ob2e!t m"st be l%w&"l E$$ects !$ nla($l "artnershi": ,. 3oid %b initio -. *ro&its sh%ll be !on&is!%ted in &%or o& the 'oernment .. Instr"ments or tools %nd pro!eeds o& the !rime sh%ll be &or&eited in &%or o& the 'oernment /. )%pit%l !ontrib"tions will be ret"rned to the p%rtners "nless the !ontrib"tions were "sed %s instr"ments or tools in the !ommission o& the !rime d. The p"rpose or prim%r# p"rpose m"st be to obt%in pro&its %nd to diide the s%me %mon' the p%rtners +R to e(er!ise pro&ession e. The Arti!les o& *%rtnership m"st not be se!ret to %mon' its members C!nseqences !$ a "artnershi" &ein) a "ers!n: %. h%s % person%lit# sep%r%te %nd distin!t &rom the p%rtners b. m%# %!4"ire %nd possess properties !. !%n s"e %nd be s"ed "pon d. !%n be %d2"d'ed insolent %ltho"'h the p%rtners %re solent e. !%n in!"r obli'%tions &. !%n enter into !ontr%!ts *!r'alities reqire# $!r the creati!n !$ a "artnershi": - *%rtnership m%# be !onstit"ted in %n# &orm e(!ept in the &ollowin' !%ses1 %. Where person%l propert# is !ontrib"ted %nd the !%pit%l is *.$555.55 or more- ,. The !ontr%!t m"st %ppe%r in % p"bli! instr"ment -. It m"st be re'istered with the Se!"rities %nd E(!h%n'e )ommission 6SE)7 b. Where immo%ble propert# or re%l ri'hts thereto %re !ontrib"ted re'%rdless o& %l"e- ,. The !ontr%!t m"st %ppe%r in % p"bli! instr"ment -. An inentor# o& the propert#$ si'ned b# the p%rtners$ m"st be %tt%!hed to the p"bli! instr"ment !. In !%se o& limited p%rtnership 0 ,. The p%rtners m"st si'n %nd swe%r to % !erti&i!%te or %rti!les o& limited p%rtnership whi!h st%tes the m%tters pres!ribed b# l%w -. The# m"st &ile s"!h !erti&i!%te with the SE). Statte !$ *ra#s in a Partnershi": %. S%le o& person%l propert# when the pri!e is not les th%n *hp855$ "nless there is delier# o& p%#ment b. S%le o& re%l propert# or %n# interest thereon !. *romise to %nswer &or the debt$ de&%"lt or mis!%rri%'e o& %nother person d. A'reement to &orm % p%rtnership sh%ll be per&ormed %&ter , #e%r e. Le%se o& p%rtnership propert# &or more th%n , #e%r Princi"le !$ Delects Pers!nar'+"ers!na'+"ers!nae - % r"le inherent in eer# p%rtnership wherein no one !%n be!ome % member o& the p%rtnership %sso!i%tion witho"t the !onsent o& %ll the p%rtners. - m"t"%l tr"st %nd !on&iden!e between %nd %mon' the p%rtners Rles t! #eter'ine the e,istence !$ a "artnershi": ,. *ersons who %re not p%rtners to e%!h other %re not p%rtners %s to third persons. Exception1 p%rtnership b# estoppel. Partner &- Est!""el - A person who represents himsel&$ or !onsents to %nother9others representin' him to %n#one$ %s % p%rtner either in %n e(istin' p%rtnership or in one th%t is &i!titio"s or %pp%rent. -. )o-ownership o& % propert# does not itsel& est%blish % p%rtnership$ een tho"'h the !o- owners sh%re in the pro&its deried &rom the in!ident o& 2oint ownership. .. Sh%rin' o& 'ross ret"rns %lone does not indi!%te % p%rtnership$ whether or not the persons sh%rin' them h%e % 2oint or !ommon ri'ht or interest in %n# propert#. /. Sh%rin' o& net pro&it 6or simpl# pro&it7 sh%ll 'ie rise to % disp"t%ble pres"mption o& the e(isten!e o& % p%rtnership$ e(!ept when s"!h pro&its were re!eied in p%#ment1 %. %s % debt b# inst%llments or otherwise b. %s w%'es o& %n emplo#ee or rent to % l%ndlord: !. %s %n %nn"it# to % widow or represent%tie o& % de!e%sed p%rtner: d. %s interest on % lo%n$ tho"'h the %mo"nt o& p%#ment %r# with the pro&its o& the b"siness: e. %s the !onsider%tion &or the s%le o& % 'oodwill o& % b"siness or other propert# b# inst%llments or otherwise. Classi$icati!n !$ Partnershi": ,. %s to ob2e!t. 8. %s to p"bli!it# %. "niers%l p%rtnership %. se!ret p%rtnership ,. o& %ll present propert# b. notorio"s9open p%rtnership -. o& pro&its b. p%rti!"l%r p%rtnership -. %s to li%bilit# o& the p%rtners1 ;. %s to its d"r%tion1 %. 'ener%l p%rtnership %. p%rtnership %t will b. limited p%rtnership b. p%rtnership with % &i(ed period .. %s to the le'%lit# o& e(isten!e1 %. de 2"re p%rtnership b. de &%!to p%rtnership <. %s to p"rpose %. !ommer!i%l9tr%din' /. %s to represent%tion to others b. pro&ession%l9 non- tr%din' %. ordin%r#9re%l p%rtnership b. ostensible9p%rtnership b# estoppel Classes !$ "artners: ,. As to !ontrib"tions /. +ther !l%ssi&i!%tions %. !%pit%list %. li4"id%tin' b. ind"stri%l b. re%l !. dorm%nt -. As to li%bilit# d. ostensible %. 'ener%l e. se!ret b. limited &. s"bp%rtner '. nomin%l9p%rtner b# estoppel .. As to m%n%'ement %. m%n%'in' b. silent C!ntract !$ S&-"artnershi" - one &ormed between % member o& % p%rtnership %nd % third person &or % diision o& pro&its !omin' to him &rom the p%rtnership enterprise. - it is % p%rtnership within % p%rtnership distin!t %nd sep%r%te &rom the m%in or prin!ip%l p%rtnership. PARTNERSHIP A.ENC/ ,. h%s 2"ridi!%l person%lit# sep%r%te %nd distin!t &rom the p%rtners ,. no 2"ridi!%l person%lit# -. p%rtners %re %'ents &or the p%rtnership %nd &or other p%rtners -. %'ent is not % prin!ip%l himsel& .. p%rtner is p%rt !o-owner with his !o-p%rtners with respe!t to p%rtnership=s propert# .. %'ent is not % !o-owner o& the prin!ip%l /. power o& %ttorne# i& not re4"ired &or % p%rtner to %!t$ proided the %!t is within the s!ope o& p%rtnership /. power o& %ttorne# is ordin%ril# re4"ired be&ore %n %'ent !%n %!t in beh%l& o& the prin!ip%l PARTNERSHIP CORPORATION ,. !re%ted b# mere %'reement o& the p%rties ,. !re%ted b# oper%tion o& l%w -. m%# be or'%ni>ed b# onl# two persons -. re4"ires %t le%st 8 in!orpor%tors .. 2"ridi!%l person%lit# !ommen!es &rom the moment o& e(e!"tion o& the !ontr%!t o& p%rtnership .. 2"ridi!%l person%lit# !ommen!es &rom the moment o& iss"%n!e o& the )erti&i!%te o& In!orpor%tion b# the SE) /. m%# e(er!ise %n# power %"thori>ed b# the p%rtners %s lon' %s it s not !ontr%r# to l%w$ mor%ls$ et!. /. !%n e(er!ise s"!h powers e(pressl# 'r%nted b# l%w or in!ident to its e(isten!e 8. i& no %'reement %s to m%n%'ement 0 eer# p%rtner is %n %'ent o& the p%rtnership 8. power to do b"siness is ested in the bo%rd o& dire!tors9tr"stees ;. % p%rtner %s s"!h m%# s"e % !o-p%rtner who mism%n%'es ;. s"it %'%inst the bo%rd o& dire!tor who mism%n%'es m"st be bro"'ht in the !orpor%tion=s n%me <. h%s no ri'ht o& s"!!ession <. h%s ri'ht o& s"!!ession ?.the p%rtners %re li%ble person%ll# %nd s"bsidi%ril# &or p%rtnership debts ?. the sto!@holders %re li%ble to the e(tent o& the sh%res s"bs!ribed b# them A. b%sed on dele!t"s person%m A.not b%sed on dele!t"s person%m ,5. m%# be est%blished &or %n# period o& time stip"l%ted b# the p%rtners ,5. m%# not be &ormed &or % period e(!eedin' 85 #e%rs$ b"t s"b2e!t to e(tension ,,. m%# be dissoled %t %n#time b# the will o& %n# or %ll p%rtners ,,. m%# be dissoled onl# with the !onsent o& the St%te ,-. de%th o& % 'ener%l p%rtner dissoles the p%rtnership ,-. de%th o& % sh%reholder does not dissole % !orpor%tion ,.. 'oerned b# the )iil )ode ,.. 'oerned b# the )orpor%tion )ode .ENERAL PARTNERSHIP LI0ITED PARTNERSHIP ,. !omposed o& 'ener%l p%rtners ,. !omposed o& %t le%st one 'ener%l p%rtner %nd one limited p%rtner -. %s % 'ener%l r"le m%# be !onstit"ted in %n# &orm -. m"st be !ont%ined in % !erti&i!%te o& limited p%rtnership .. m"st oper%te "nder % &irm n%me .. m"st oper%te "nder % &irm n%me &ollowed b# the word Blimited= .ENERAL PARTNER LI0ITED PARTNER ,. Li%ble person%ll# &or p%rtnership obli'%tions %&ter %ll p%rtnership %ssets %re e(h%"sted ,. )%nnot be held li%ble -. )%n p%rti!ip%te in the m%n%'ement o& the p%rtnership -. )%nnot p%rti!ip%te .. M%# !ontrib"te mone#$ propert# or ind"str# to !ommon &"nd .. )%n !ontrib"te mone# or other propert# onl# /. N%me o& the 'ener%l p%rtner m%# %ppe%r in &irm n%me /. N%me o& limited p%rtner does not %ppe%r in &irm n%me 8. Limit%tion on the ri'ht to en'%'e in %nother b"siness or in the s%me @ind o& b"siness %s th%t o& the p%rtnership 8. No s"!h limit%tion in limited p%rtnership O&li)ati!ns !$ the "artners (ith res"ect t! c!ntri&ti!n !$ '!ne- !r "r!"ert-: ,. )ontrib"te %t the be'innin' o& the p%rtnership or %t the time stip"l%ted -. Answer &or ei!tion .. Answer &or the &r"its o& the propert# !ontrib"ted in !%se o& del%# in the delier# /. E(er!ise dili'en!e oer the propert# pendin' delier# 8. Indemni&# the p%rtnership &or %n# d%m%'e or interest in !%se o& mone#$ !%"sed b# the retention o& the s%me or del%# in the delier# Other !&li)ati!ns !$ a "artner: ,. *%# &or interest %nd d%m%'es &or %n# s"m o& mone# whi!h he m%# h%e t%@en &rom the p%rtnership !o&&ers: -. )ontrib"te %ddition%l sh%re to the !%pit%l in !%se o& imminent loss: .. Brin' to the p%rtnership !%pit%l his sh%re o& % p%rtnership !redit whi!h he re!eied &rom % debtor who s"bse4"entl# be!%me insolent: /. Indemni&# the p%rtnership &or d%m%'e !%"sed b# his &%"lt %nd he !%nnot !ompens%te them with the pro&its or bene&its he m%# h%e e%rned &or the p%rtnership: 8. Render tr"e %nd &"ll in&orm%tion o& %ll thin's %&&e!tin' the p%rtnership "pon dem%nd o& %n# p%rtner or his represent%tie: ;. A!!o"nt to the p%rtnership %nd hold %s tr"stee %n# bene&it deried b# him witho"t the !onsent o& the other p%rtners &orm %n# tr%ns%!tion rel%tin' to p%rtnership b"siness: <. Sh%re in the loss o& the p%rtnership. O&li)ati!ns !$ an in#strial "artner: ,. )ontrib"te the ind"str# he promised -. N+T to en'%'e in %n# other b"siness &or himsel&$ otherwise1 %. )%pit%list p%rtners m%# e(!l"de him &rom the &irm %nd dem%nd p%#ment o& d%m%'es b. )%pit%list p%rtners m%# %%il themseles o& the bene&its whi!h he m%# h%e obt%ined &orm the other b"siness %nd dem%nd p%#ment o& d%m%'es EC)E*TI+N1 - when e(pressl# permitted b# the p%rtnership Ca"italist "artner: - )ANN+T en'%'e in %n# oper%tion or b"siness simil%r to the b"siness o& the p%rtnership$ otherwise1 %. Sh%ll be li%ble to the p%rtnership &or %n# pro&it obt%ined &rom his tr%ns%!tions b. Sh%ll person%ll# be%r %ll his losses EC)E*TI+N1 -when the b"siness is not the s%me or simil%r to th%t o& the p%rtnership - i& there is % stip"l%tion to the !ontr%r# O&li)ati!ns !$ the "artnershi" t! the "artners: ,. Re&"nd %mo"nts disb"rsed b# % p%rtner in beh%l& o& the p%rtnership AND the !orrespondin' interest &rom the time the e(penses %re m%de -. Answer &or the obli'%tions th%t the p%rtnership m%# h%e !ontr%!ted in 'ood &%ith .. Answer &or the ris@s in !onse4"en!e o& its m%n%'ement 0ana)e'ent !$ the Partnershi" 0 3ested b# %'reement in one$ or some$ or %ll o& the p%rtners or een in % third person$ either in the %rti!les o& p%rtnership or %&ter the p%rtnership h%d %lre%d# been !onstit"ted. I& there is no %'reement$ it is ested in %ll o& the p%rtners. RULES: ,. The m%n%'er is %ppointed in the Arti!les o& *%rtnership1 - Ee m%# e(e!"te %ll %!ts o& %dministr%tion despite opposition o& other p%rtners "nless there is b%d &%ith - The power is irreo!%ble witho"t 2"st %nd l%w&"l !%"se -. The m%n%'er is %ppointed or%ll# or in %n instr"ment other th%n Arti!les o& *%rtnership1 - Ee m%# e(e!"te %ll %!ts o& %dministr%tion - The power m%# be reo@ed %t %n# time with or witho"t 2"st %nd l%w&"l !%"se .. In !%se two or more m%n%'ers %re %ppointed witho"t spe!i&i! d"ties1 - E%!h one m%# sep%r%tel# e(e!"te %!ts o& %dministr%tion b"t in !%se o& %n opposition$ the de!ision o& the m%2orit# o& the m%n%'ers sh%ll pre%il. - In !%se o& % tie$ the m%tter will be de!ided b# the m%n%'in' p%rtners ownin' the !ontrollin' interest or more th%n 85F o& the inestments - I& %ppointed in the Arti!les o& In!orpor%tion -The power is irreo!%ble witho"t 2"st %nd l%w&"l !%"se - I& %ppointed or%ll# or in %n instr"ment other th%n Arti!les o& In!orpor%tion - The power m%# be reo@ed %t %n# time with or witho"t 2"st %nd l%w&"l !%"se /. In !%se two or more m%n%'in' p%rtners %re %ppointed with % stip"l%tion th%t none o& them sh%ll %!t witho"t the !onsent o& the other1 - The !on!"rren!e o& %ll is ne!ess%r# &or the %lidit# o& their %!ts EC)E*T when there is imminent d%n'er o& 'r%e or irrep%r%ble in2"r# to the p%rtnership - I& %ppointed in the Arti!les o& *%rtnership -The power is irreo!%ble witho"t 2"st %nd l%w&"l !%"se - I& %ppointed or%ll# or in %n instr"ment other th%n Arti!les o& In!orpor%tion - The power m%# be reo@ed %t %n# time with or witho"t 2"st %nd l%w&"l !%"se 8. In !%se there is no stip"l%tion %s to the m%nner o& m%n%'ement1 - All p%rtners sh%ll be !onsidered %'ents o& the p%rtnership - None o& the p%rtners m%# m%@e %n# import%nt %lter%tion in the immo%ble propert# een i& it m%# be "se&"l to the &irm - In !%se o& %n opposition$ the de!ision o& the m%2orit# o& the p%rtners sh%ll pre%il %nd in !%se o& % tie$ the m%tter sh%ll be de!ided b# the p%rtners representin' the !ontrollin' interest$ or more th%n 85F o& the inestments. Ri)hts !$ a "artner: ,. Re!eie his sh%re o& pro&its o& the p%rtnership -. *%rti!ip%te in the m%n%'ement o& the &irm .. Asso!i%te %nother person in his sh%re o& the pro&its /. Inspe!t the p%rtnership boo@s %t %n# re%son%ble ho"r 8. Dem%nd &orm%l %!!o"ntin' een be&ore dissol"tion1 %. I& the p%rtner is wron'&"ll# e(!l"ded &rom the p%rtnership b"siness or pro&ession o& its propert# b# his !o-p%rtners b. I& the ri'ht e(ists "nder the terms o& %n# %'reement !. I& % p%rtner h%s deried pro&its &rom %n# tr%ns%!tion !onne!ted with the &orm%tion$ !ond"!t$ or li4"id%tion o& the p%rtnership or &rom %n# "se b# him o& its propert# d. Wheneer other !ir!"mst%n!es render it 2"st %nd re%son%ble ;. As@ &or dissol"tion o& the &irm b# !o"rt de!ree Pr!"ert- ri)hts !$ a "artner: ,. his ri'ht to spe!i&i! p%rtnership propert# -. his interest in the p%rtnership 6his sh%re in the pro&its %nd s"rpl"s7 .. his ri'ht to p%rti!ip%te in the m%n%'ement. Ri)hts !$ a "artner in s"eci$ic "artnershi" "r!"ert-: ,. h%s %n e4"%l ri'ht with other p%rtners to possess spe!i&i! p%rtnership propert# &or p%rtnership p"rposes -. not %ssi'n%ble$ e(!ept in !onne!tion with the %ssi'nment or ri'hts o& %ll p%rtners in the s%me propert# .. not s"b2e!t to %tt%!hment or e(e!"tion$ e(!ept on % !l%im %'%inst the p%rtnership /. not s"b2e!t to le'%l s"pport E$$ects !$ c!n%e-ance &- a "artner !$ his interest in the "artnershi": ,. !one#%n!e o& his whole interest-p%rtnership m%# either rem%in or be dissoled: -. %ssi'nee does not ne!ess%ril# be!ome % p%rtner: .. %ssi'nee !%nnot inter&ere in the m%n%'ement or %dministr%tion o& the p%rtnership b"siness or %&&%irs: /. %ssi'nee !%nnot %lso dem%nd in&orm%tion$ %!!o"ntin' %nd inspe!tion o& the p%rtnership boo@s. Distri&ti!n !$ "r!$its 1 l!sses: ,. the p%rtners sh%re in the pro&its %nd losses %!!ordin' to their %'reement -. in the %bsen!e o& s"!h1 %. !%pit%list p%rtner - in proportion to his !ontrib"tion b. ind"stri%l p%rtner - wh%t is 2"st %nd e4"it%ble "nder the !ir!"mst%n!es b"t he sh%ll not be li%ble &or losses O&li)ati!ns !$ a ne(l- a#'itte# "artner: ,. +bli'%tions %lre%d# e(istin' be&ore %dmission - li%bilit# is "p to the e(tent o& !ontrib"tion$ "nless otherwise %'ree. -. +bli'%tions in!"rred %&ter %dmission - li%bilit# is "p to the e(tent o& sep%r%te propert#$ "nless %dmitted %s % limited p%rtner DISSOLUTION - the !h%n'e in the rel%tion o& the p%rtners !%"sed b# %n# p%rtner !e%sin' to be %sso!i%ted in !%rr#in' on the b"siness. EGGE)T1 Termin%tion o& %ll %"thorit# o& %n# p%rtner to %!t &or the p%rtnership. EC)E*T1 ,. )ontr%!ts ne!ess%r# to wind "p p%rtnership %&&%irs -. )ontr%!ts %lre%d# per&e!ted %nd be'"n b"t not then &inished CAUSES *OR THE DISSOLUTION O* A PARTNERSHIP: ,. Witho"t iol%tion o& the %'reement between the p%rtners %. termin%tion o& de&inite term b. e(press will o& %n# p%rtner in 'ood &%ith !. e(press will o& %ll p%rtners d. e(p"lsion o& %n# p%rtner -. In !ontr%ention o& the %'reement between the p%rtners where the !ir!"mst%n!es do not permit % dissol"tion "nder %n# other proision o& this %rti!le$ b# the e(press will o& %n# p%rtner %t %n# time. .. Eent whi!h m%@es it "nl%w&"l &or the b"siness o& the p%rtnership to be !%rried or &or the members to !%rr# it on in p%rtnership /. Insolen!# o& %n# p%rtner or the p%rtnership 8. Loss o& spe!i&i! thin' promised %s % !ontrib"tion be&ore delier# ;. )iil interdi!tion o& %n# p%rtner <. De%th o& %n# p%rtner ?. De!ree o& !o"rt %. %t the inst%n!e o& the p%rtnership ,. p%rtner=s ins%nit# -. in!%p%!it# o& % p%rtner to per&orm his p%rt o& the p%rtnership !ontr%!t .. p%rtner=s %!t or !ond"!t pre2"di!i%l to the p%rtnership /. p%rtner=s will&"l %nd persistent bre%!h o& the p%rtnership %'reement 8. p%rtnership is oper%tin' &or % loss ;. other simil%r !ir!"mst%n!es m%@in' the dissol"tion e4"it%ble b. %t the inst%n!e o& % p"r!h%ser o& % p%rtner=s interest ,. %&ter the termin%tion o& the spe!i&ied term or p%rti!"l%r "ndert%@in' -. %t %n# time i& the &irm w%s % p%rtnership %t will when the interest w%s %ssi'ned or when the !h%r'in' order w%s iss"ed WINDIN. UP - the pro!ess o& settlin' the b"siness or p%rtnership %&&%irs "nder dissol"tion.
H"di!i%ll# 0 % w%# o& windin' "p % dissoled p%rtnership "nder the !ontrol %nd dire!tion o& the proper !o"rt "pon !%"se shown b# %n# p%rtner$ his le'%l represent%tie o& his %ssi'nee E(tr%-2"di!i%ll# 0 w%# o& windin' "p b# the p%rtners themseles witho"t the interention o& the !o"rt. Partnershi" assets: ,. *%rtnership propert# in!l"din' 'oodwill -. )ontrib"tions o& the p%rtners ne!ess%r# &or the p%#ment o& %ll li%bilities Ter'inati!n - the point in time when %ll p%rtnership %&&%irs %re wo"nd "p or !ompleted %nd is the end o& the p%rtnership li&e. Or#er !$ "a-'ent in the (in#in) " !$ "artnershi" lia&ilities: %. those owin' to !reditors other th%n p%rtners b. those owin' to p%rtners other th%n &or !%pit%l or pro&its !. those owin' to p%rtners in respe!t o& !%pit%l d. those owin' to p%rtners in respe!t o& pro&its Li'ite# Partnershi" -- &ormed b# two or more persons h%in' %s members one or more 'ener%l p%rtners %nd one or more limited p%rtners. RULES: - the limited p%rtners sh%ll not be bo"nd b# the obli'%tions o& the p%rtnership - the limited p%rtners do not p%rti!ip%te in the !ontrol or m%n%'ement o& the b"siness o& the p%rtnership - p%rtnership debts sh%ll be p%id o"t o& the !ommon &"nd %nd the sep%r%te properties o& the 'ener%l p%rtners - % limited p%rtner !%n onl# !ontrib"te mone# or propert# - % limited p%rtner=s n%me !%nnot %ppe%r in the p%rtnership n%me$ otherwise he will be li%ble %s % 'ener%l p%rtner$ e(!ept1 ,. the s"rn%me o& the limited p%rtner is the s%me %s the s"rn%me o& % 'ener%l p%rtner -. be&ore the limited p%rtner be!%me %s s"!h$ the b"siness h%d been !%rried on "nder % n%me in whi!h his s"rn%me %ppe%red .. third persons e(tended !redit to the p%rtnership with the @nowled'e th%t he is limited p%rtner .eneral-Li'ite# "artner - h%s %ll the ri'hts %nd powers %nd is s"b2e!t to %ll li%bilities o& % 'ener%l p%rtner$ b"t still % limited p%rtner %s to li%bilit# to !ontrib"te !%pit%l S&stitte Li'ite# "artner - % person %dmitted to %ll the ri'hts o& % limited p%rtner who h%s died or h%s %ssi'ned his interest in % p%rtnership Pre$erre# Li'ite# "artner - 'ien priorit# oer %ll limited p%rtners in the ret"rn o& inestment$ !ompens%tion %nd other m%tters proided the %'reement will %ppe%r in the !erti&i!%te o& limited p%rtnership Diss!lti!n 'a- &e case# &-: ,. Retirement o& % 'ener%l p%rtner -. De%th o& % 'ener%l p%rtner .. Insolen!# o& % 'ener%l p%rtner /. Ins%nit# o& % 'ener%l p%rtner 8. )iil interdi!tion o& % 'ener%l p%rtner Or#er !$ "a-'ent in the (in#in) " !$ "artnershi" lia&ilities: %. those owin' to !reditors$ e(!ept those to limited p%rtners on %!!o"nt o& their !ontrib"tion$ %nd to 'ener%l p%rtners b. those to limited p%rtners in respe!t to their sh%re o& the pro&its %nd other !ompens%tion b# w%# o& in!ome in their !ontrib"tions !.those to limited p%rtners in respe!t o& their !%pit%l !ontrib"tions d. those to 'ener%l p%rtners other th%n &or !%pit%l %nd pro&its e. those to 'ener%l p%rtners in respe!t to pro&its &. those to 'ener%l p%rtners in respe!t to !%pit%l 9mrs