1. Two or more persons bind themselves to contribute
Established and organized without complying with
money, property or industry to a common fund with
the intention of dividing the profits among themselves.
2. Is a calling in the preparation for or practice of which
academic learning is required and which has for its
prime purpose the rendering of public service.
3. There cannot be a partnership without the
contribution of money, property or industry to a
common fund. Characteristic.
4. The essence of partnership is that each partner must
share in the profits or losses of the undertaking.
Characteristic.
5. A partner can bind the other partners to a contract if
he is acting within his express or implied authority.
Characteristic.
6. All assets contributed into the partnership are
owned by the partnership by virtue of its separate and
distinct juridical personality. Characteristic.
7. It may be dissolved by the admission, death,
insolvency, incapacity, withdrawal of a partner or
expiration of the term specified in the partnership
agreement. Characteristic.
8. A partnership which as for its object determinate
things, their use or fruits or a specific undertaking, or
exercise of a profession or vocation.
9. Partners contribute all their present property to a
common fund with the intention of dividing among
themselves the property and all the profits they may
acquire therewith.
10. The partners retain ownership of the things they
have placed into the common fund. Only the profits
that the partners may acquire by their industry during
the existence of the partnership will be divided among
themselves.
11. Comprised of general partners or a combination of
general and industrial partners.
12. Comprises of both limited and general partner.
13. Formed for a particular undertaking and may be
terminated any time by the will of any of the partners
or by mutual agreement of the partners.
14. Formed with a specified period of existence.
15. Established and organized in accordance with all
the legal requirements for its existence.
16.
the legal requirements for its existence.
17. One which actually exists among partners and also
as to third persons.
18. One which in realist is not a partnership, but is
considered a partnership only in relation to those who,
by their conduct or admission, are precluded to deny or
disprove its existence.
19. One wherein the existence of certain persons as
partners is not avowed or made known to the public by
any of the partners.
20. One whose existence is avowed or made known to
the public by the members of the firm.
21. Engages in trading, merchandising, or
manufacturing of goods for a profit.
22. Organized for the exercise of a common profession,
and usually renders service based on the partners’
acquired profession.
23. Also known as “business partnership,” it buys and
sells finished merchandise or manufactures goods as its
primary operational activity.
24. Renders service only for a fee.
25. Contributes money or property.
26. Contributes only his personal services.
27. Contributes not only money or property but
personal services as well.
28. One who is liable for partnership debts up to the
extent of his personal assets.
29. One who is liable for partnership debts up to the
extent of his interest in the partnership only.
30. A partner who makes no investment, does not
participate in running the business but permits his
name to be used either for accommodation or
consideration.
31. A partner who is not known as a partner but
actively participates in running the partnership affair.
32. A partner who does not take active part in running
the partnership affairs but he is a general partner.
33. A partner who has a financial interest in the
partnership but does not take active part in running the
partnership affairs and is not known as a partner.
34. One whom the partners have appointed as
manager of the partnership.
35. One who is designated to wind up or settle the
affairs of the partnership after dissolution.

36. Minimum number of individual persons in a

partnership business.

37. The main objective of forming a partnership

business.

38. A feature that discourages individuals to join a

partnership.

39. A written partnership agreement containing the

intent of the partners.

40. Every partner represents the partnership.

41. It could be formed by a mere oral agreement.

42.