Common Contracts
1 similar Partnership Agreement contracts
Partnership agreement pdf philippinesPartnership Agreement • March 19th, 2021
If you are interested in engaging in business or practicing your profession with some colleagues, a partnership may be the proper vehicle.The Philippine Civil Code provides for a definition of a partnership as follows:Art. 1767. 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.A partnership is different from a corporation in many ways. First, there is no time limit for the existence of the partnership as this depends on the agreement of the parties. On the other hand, a corporation can exist for a period not exceeding fifty (50) years. Second, as to the beginning of juridical personality, a partnership becomes a juridical person from the time the contract begins while in a corporation, it only becomes a juridical person upon registration with the Securities & Exchange C
