General Partnership Agreement Philippines

1. Partnership Name 2. Main address of office 3. Partnership phone number 4. Name, citizenship, address, birthday and TIN of partners 5. Partners` capital contribution 6. Partnership goal Like a business, a partnership has its own legal personality. Although the partnership has not been able to register with the SEC, it still has its own legal personality. Thus, the partnership, as a person in its own right, can acquire its property, bring an action on its own behalf and take its own debts and commitments. A partnership action is enshrined in a partnership resolution similar to the decision of a company`s board of directors.

2. May the name of this partnership be – and exist for – years after the implementation of this instrument, unless the partners agree in writing for a shorter period of time. If the partnership is terminated unanimously, the assets and cash resources of the partnership are used to pay all creditors, with the remaining funds distributed to partners based on their proportionate share. Art. The partnership agreement commits two or more people to pay money, property or industry to a mutual fund in order to distribute the profits among themselves. In general, a partnership may be general or limited. 5. SALARIES AND DRAWINGS. Neither partner receives a salary for the partnership benefits. Each partner can withdraw the credit from their income account from time to time.

General partnership. A general partnership is a partnership in which partners are responsible for the contracts and obligations of the partnership with their personal property. In general, the responsibility of the partners will be proportional to the amount they have contributed to the partnership. goal. The purpose of the partnership must be legitimate. 6. INTEREST. No interest is paid on the company`s first contributions to the capital or on any subsequent capital contributions. A partner has certain rights to the partnership. Thus, it has a share in the benefits of the partnership and is entitled to a specific partnership property. As a partner, he has the right to participate in management, review partnership books and, in fact, require formal accounting. However, rights have obligations to do so.

Therefore, a partner is required to contribute and its share of the losses.