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KINDS OF PARTNERSHIPS
A. CONTRIBUTIONS
B. TERMS
Partnership at will
-May be extended or renewed by expressed written or oral agreement OR impliedly (continuation of business w/o
liquidation or settlement).
-Partnership with fixed term is dissolved and a new partnership is created and existence depends upon will of the partners
(Partnership at will)
C. OBJECT
1. Universal Partnership
-Universal partnership for profits imposes less obligation on partners since they preserve the ownership as separate
property
Art 1782 - Limitations Upon the Right to Form a Universal Partnership
Those prohibited from donating cannot form a universal partnership
A. Present Property
.
Art. 1778 - Universal Partnership of All Present Property
Partners contribute all the determinate properties which belong to a common fund, with the intention of dividing the same
and profits among them.
B. Profits
2. Particular Partnership
Particular Partnership
-It is neither universal partnership of present property or profits
-Examples: those formed for acquisition of immovable property with intention to resell, those carried out with purpose of
carrying out a specific enterprise, or a profession//vocation
-Carrying on of a business is not essential to constitute a partnership
Profession
-Calling in the preparation for/practice, of which academic learning is required, and has the prime purpose of rendering
public service.
-May refer to a whole body of persons or a group engaged in a calling
D. LIABILITY OF PARTNERS