ARTICLE 1776
As to its object, a partnership is either universal or particular.
As regards the liability of the partners, a partnership may be general or limited. (1671a)
“Hey, are you dating Nadine?” Joshua asked James out of the blue while they are having lunch in Kathniel restaurant.
“No,” James replied leaving a big sigh.
“Cheer up bro. Why don’t you ask her out?” Joshua said then turns his look to other table where Nadine and Kathryn are talking together.
Nadine smiled to Joshua when she noticed her looking at him.
“I need to gather more courage for that. And I need to be financially stable first.” James paused for a while and took a short glimpse on Nadine. “Because I want to marry that woman,” James added.
“That’s too cheesy bro.” Joshua teased James. “By the way, if you marry her in the future, then you need to dissolve the Jadine accounting firm. Husband and wife are not allowed to enter a universal partnership,” Joshua added.
“Yah I know that too. Don’t worry, I have a plan.”
“And the fact that the both of you are both general partners.”
“Yah. Yah, I know. You’re too complicated Joshua,” James cut off Joshua’s seriousness.
May dalawang klase ang partnership as to the extent of subject matter—Universal partnership and particular partnership. May dalawang klase rin ang universal partnership--- Universal partnership of all present properties and universal partnership of profits. The definition will be discussed in the next chapters.
May dalawang klase rin ang partnership as to the liability of the partners--- general partnership and limited partnership. General partnership is composed of general partners who are liable with their separate property for partnership debt while limited partnership is composed of limited partners with at least one general partner of which limited partners will not be liable personally for the obligations of the partnership.
...END OF THIS CHAPTER...
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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...
