Types of Partners (GeLiCa InMaLiNo OsSeSilDo) Difference between CPG and Partnership
1. General Partner liable up to the extent of his 1. Parties
separate properties 2. Law 2. Limited Partner liable only up to the extent of his 3. Personality investment 4. Commencement 3. Capitalist Partner one who contributes money or 5. Purpose property to the common fund 6. Distribution of Profit 4. Industrial Partner one who contributes his services 7. Management or industry to the partnership 8. Disposition of shares 5. Managing Partner one who manages the affairs of the partnership 6. Liquidating Partner one who is in charge of the winding up of the affairs of the partnership after it is dissolved 7. Nominal Partner partner by estoppel, one who is not a partner but represents himself as a partner to third persons 8. Ostensible Partner one who is active and known to the public as a partner 9. Secret Partner a partner who participates in the management of the business but is not known to the public as a partner. 10. Silent Partner a partner who has no voice in the management of the business (though he shares in the profits and losses) 11. Dormant Partner a partner who does not participate in the management of the business and not known to the public as a partner. 12. Continuing Partner 13. Surviving Partner Four relationships created in a Contract of Partnership
1. Partners between themselves
2. Partners and the partnership 3. Partnership and third persons 4. Partner and third persons
I. Partners between themselves
a. Obligations of partners
To contribute equally to the capital of the
partnership unless there is a stipulation. (1790) With regard to contribution of property: o To deliver the contribution at the time it was constituted or on the date stipulated. o To take care of the property before its delivery with the diligence of a good father of a family. o To be liable for damages in case of default. o To answer for eviction in case the partnership is deprived of the specific or determinate thing he has contributed to the partnership. o To be liable for the fruits of the thing from the time they should have been delivered without need of any demand. With regard to contribution of money: o To deliver the contribution at the time it was constituted or on the date stipulated. o To pay interest on the amount he has promised in case of default o To pay damages suffered by the partnership in case of default.