UNIVERSITY OF LUZON

Dagupan City
College of Accountancy

Syllabus
Law on Partnership and Corporation

Course Code: LAW 22

Credit: 3 units
Course Prerequisite: LAW 21

I. Course Description
This course deals with the study on the fundamentals concepts and principles governing partnerships and private corporations. The
lectures and activities in the class evolved on the legal requirements on the creation, formation, the rights and obligations of the partners in
the partnership, the rights and obligations of the corporators, incorporators, board of directors/trustees, stockholders in a stock corporation
and members in a non-stock corporations, their relations with each other, with the business organization that they belong, to the third parties
and to the public. It also deals on the different modes of extinguishments of a partnership and a corporation and the causes and legal
implication thereof.

II. Vision/Mission/Objectives
We are a world-class university that provides leadership and excellence in education for total human development.
Guided by the founders’ philosophy of, “Perecias y Valias”, the University of Luzon, as a center of higher learning, will provide quality
education for the development of competent, productive and principled professionals through balanced curricular programs, relevant
researches / technologies and responsive community extension services.
The mission of the College of Accountancy is to produce competent and humane accountants who can meet the needs of the
community and can help in the betterment of that community.
The college aims to achieve the following objectives:
1. To develop competence in the fields of Accounting, Auditing and Management Services.
2. To provide a well-rounded preparation to improve performance rating in the CPA Licensure Examination.
3. To provide quality education that will make the graduates globally employable and competitive in the labor market.
4. To provide leadership training through curricular and co-curricular activities.
 5. To be active in dialogues with business leaders and government officials to dovetail the outputs of accounting education with the
manpower needs of the industry, and
6. To provide community extension service.

III. General Objectives

Upon the completion of course:
1. Know the concepts and principles on partnership and private corporations.
2. Be able to know how the said business organizations are organized, the rights, duties and responsibilities of the persons comprising
the partnership and the corporation.
3. Have legal knowledge and background on the legal principles applicable to partnerships and corporations that will equip them to be
responsible persons in general and productive certified public accountants in particular.
IV. Course Outline
Learning Objectives
1. partnership
1.1 Meaning of Partnership
1.2 Identification and discussion on:
- different kinds of partnership
- different kinds of partners
1.3 Comparative study
Partnership with:
- other forms of contract
- corporation
- other forms of business
organizations
1.4 Evaluation and discussion on the
concepts, principles, creation,
management and dissolution of
partnerships.
Learning Output Learning Activities Learning Evaluation Time Allotment
• Meaning of elements, essential • Lecture • Recitations
features and different kinds of • Case study • Quizzes
partnerships • Discussions • Examinations
• Creation and formation of • Research • Research
partnership: Analysis
• Reports
of - Essential requirements for the
formation of partnership
- Manner of creation
• Partnership distinguished from
single proprietorship, corporation,
agency, etc.
• Obligations of:
- Partners among themselves
- Partners to the public
- Partners to the partnership
- Partnership to the public
• The principle of “delectus
personae” in a partnership
• Relationship by:
- Partners among themselves
- Partners to the public
- Partners to the partnership
- Partnership to the public
• Rules on the share of the
partners in the:
- Profits
- Losses
- Liabilities
• Rules governing the
management of the partnership
 and the manner of appointment
of the managing partners
• Rights of the partners in the:
- Specific property of the
partnership
- Interest in the partnership
- Management/affairs of the
partnership
• Dissolution and Winding up
a. Causes
- Judicial
- Extrajudicial
b. Dissolution, winding up and
termination
• Dissolution and liquidation of the
assets of the partnership
• Limited partnership
- Meaning, formal
requisites
- Rights and obligations of
limited partner
- Rights and obligations of
a general partner
2.1