Partnership 6.23.

2012
Review:
Genesis Only an illustration of the three forms of Business Organization
Sole Proprietorship
Partnership
Corporation
I. !RI"IC#$ P%RSO&#$I'(
Which is the most important diference between a partnership and co-ownership?
It is in the matter of jridica! persona!it".
Partnership there is jridica! persona!it"
#o-ownership no jridica! persona!it"
$he bene%ts of bein& a jridica! person is that "o wi!! be aforded ri&hts which are
a!so aforded to natra! persons.
'wn certain properties
$ransfer ri&hts pertainin& to those properties
(o can se and be sed
)c*ire tit!e
) jridica! person can a!so e+ercise ri&hts fond in the #onstittion ,-i!! of .i&hts/
)s a jridica! person0 ma" a partnership enjo" a!! of the ri&hts in the bi!! of ri&hts?
1ot a!!.
2ow abot the ri&ht to sfra&e? 1o. the ri&ht to sfra&e is on!" aforded to natra!
persons.
2ow abot ri&ht a&ainst i!!e&a! search and sei3res? (es. $he in4esti&atin& bod"
sho!d %rst obtain a search warrant to do so.
.i&ht a&ainst se!f-incrimination? (es.
.i&ht to bai!? 1o. ) partnership cannot be imprisoned0 it wo!d be an absrd
sitation.
NATURAL PERSON V. JURIDICAL PERSON
1atra! Person #reated b" 5od
6ridica! Person #reated b" 7aw
$est tbe bab"? #reated b" 5od thro&h the se of scienti%c instrments.
$o be ab!e to ac*ire 6ridica! Persona!it"0 wo!d the partnership a&reement ha4e to
be in a pb!ic docment and be re&istered with the 89#? 1o.
What happens if the" do not re&ister with the 89#? $he" wo!d sti!! ac*ire jridica!
persona!it"0 becase the !aw sa"s that a partnership needs on!" consent from
partners-to-be since a partnership is a consensa! contract. $o be ab!e to ac*ire
jridica! persona!it"0 it is eno&h for partners to a&ree to be partners.
Wh" then is there a re*irement of re&isterin& in 89#? :or the protection of third-
parties and for pb!ic we!fare. In other words0 this is for administrati4e prposes or
con4enience.
II. %)IS'%&C% O* '+% P#R'&%RS+IP
5enera!!"0 a partnership is created simp!" when partners a&ree to be partners0 bt
there are e+ceptions. What are the e+ceptions?
$his is when there is a contribtion of immo4ab!e propert"0 the same sho!d be
p!aced in an in4entor" si&ned b" the parties and attached to the pb!ic instrment0
otherwise the partnership wi!! be 4oid.
I!!stration;
When partners contribte Php1000000 each so that it co!d ac*ire a <-hectare
s&ar !and0 sho!d the partnership need to be p!aced in a pb!ic instrment and
wo!d the s&ar !and need to be p!aced in an in4entor"?
When a rea! propert" is ac*ired thro&h what has a!read" been contribted in the
partnership0 there is no need for in4entor". In this case the partnership wo!d sti!! be
4a!id. $he rea! propert" that is needed to be p!aced in an in4entor" are rea! propert"
direct!" contribted to the partnership and not those bo&ht ot of the mone"
contribted b" the partners themse!4es..
.e&ard!ess of 4a!e0 if the natre of the propert" is that of an immo4ab!e propert"0
then it sho!d be p!aced in an in4entor"0 an a!! other re*irements sho!d be
comp!ied.
III. R%,!IR%" *OR # P#R'&%R 'O B% #"-I''%"
#onsent of a!! the other partners
#orporation as a jridica! person can it become a partner?
1o. 8ince a corporation consists of stoc=ho!ders0
2ow abot a partnership can a partnership become a partner? we ended with this
*estion.