ARTICLE 1773
A contract of partnership is void, whenever immovable property is contributed thereto, if an inventory of said property is not made, signed by the parties, and attached to the public instrument. (1668a)
In the previous article, if the amount of capital is more than P3,000.00, the partnership still exist. But in this article, even if the amount is less than P3,000.00, the partnership must appear in a public instrument; otherwise a contract of partnership is VOID.
But in reality, wala naman talagang immovable property na less than P3,000.00. The purpose of this article is just to protect the third persons.
ARTICLE 1774
Any immovable property or an interest therein may be acquired in the partnership name. Title so acquired can be conveyed only in the partnership name. (n)
Since partnership has a juridical personality separate and distinct with each of the partners, the partnership may acquire property under the partnership name.
The deep explanation and understanding of this will be discussed in the obligations of the partners.
..END OF ARTICLE 1773 & 1774...
PS. Sorry for the late update. Babawi na lang ako soon. I'm still sick😪.
Thanks sa mga nag a-add sa kani-kanilang reading lists. That shows the interest na you want to learn😁.
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The Law on Partnerships
RandomThe book aims to help accounting students as well as law students. This book is a case to case basis for better understanding of each of the articles. Students of non-related courses is also encouraged to read for your additional knowledge. ©copyrig...
