Kris Antonnete Daleon

Single/Sole
Partnership

Proprietorship

Corporation Cooperative

By the contract of partnership, two or more persons bind themselves to contribute money, property, or industry to a common fund with the intention of dividing the profits among themselves. Two or more persons may also form a partnership for the exercise of a profession.

Assignment of Interest Limited Life

Co-Ownership

Characteristics of a Partnership

Income Participation

Mutual Agency

Unlimited Liability

Ease of Formation Association of Individuals Based on Contract

A voluntary and valid agreement among parties.

A lawful purpose for which the partnership is organized.

Contributions of money, property or industry. An association for a profit to be divided among the partners. Mutual agency among the partners. A practice of transparency on the records and transactions of the partnership.

Easy Formation Joint Resources Tax Exemption Less Government Supervision

Unlimited Liability Mutual Agency Consensual Limited Life

1. As to nature of business

Trading Partnership Non-Trading Partnership

2. As to purpose

Commercial Partnership General Professional Partnership

3.

As to object
Universal Partnership
a. Of all present property b. Of profits

Particular Partnership

4. As to liability

General Partnership Limited Partnership

5. As to duration

Partnership at will Partnership with a fixed term

6. As to legality of existence

De jure Partnership De facto Partnership

Classifications
As to Contribution:
1. Capitalist partner 2. Industrial partner

Descriptions
Contributes money or property to the partnership.
Contributes only his skills, knowledge, industry or personal service to the partnership.

As to Liability:

1. General partner 2. Limited partner

Assumes unlimited liability. Liable to the extent of his capital contribution to the partnership.

Classifications
As to Participation:
1. Managing partner 2. Silent partner 3. Liquidating partner

Descriptions
Appointed to run the business of the partnership. Known as partner but does not take active participation in running the affairs of the partnership. Appointed to liquidate partnership assets and settle unfinished transactions of the partnership after dissolution.

Classifications
As to Third Persons:
1. Secret partner 2. Dormant partner 3. Nominal/Ostensible partner

Descriptions
Not known as partner but takes active part in running the partnership business. Not known as partner and does not take active part in the partnership business. A partner in name only by permitting the use of his name either for accommodation or for consideration.