Scribd Logo
Upload

Welcome to Scribd!

  • 2K views

    Article 1771

    Uploaded by

    karl doceo
    This document outlines the legal requirements for forming a partnership under Philippine law. It discusses that a partnership can generally be formed orally or in writing, but certain exceptions apply if real property is contributed or if the partnership is valued over 3,000 pesos. The key purposes of recording or registering the partnership are to provide licenses for business, determine tax liabilities, and allow the public and third parties to accurately identify partnership membership and capital. Failure to meet all requirements only renders the partnership void between the contracting partners, not for third parties.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Article 1771

    Uploaded by

    karl doceo
    2K views1 page
    This document outlines the legal requirements for forming a partnership under Philippine law. It discusses that a partnership can generally be formed orally or in writing, but certain exceptions apply if real property is contributed or if the partnership is valued over 3,000 pesos. The key purposes of recording or registering the partnership are to provide licenses for business, determine tax liabilities, and allow the public and third parties to accurately identify partnership membership and capital. Failure to meet all requirements only renders the partnership void between the contracting partners, not for third parties.

    Original Description:

    kjdflskdfj

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document outlines the legal requirements for forming a partnership under Philippine law. It discusses that a partnership can generally be formed orally or in writing, but certain exceptions apply if real property is contributed or if the partnership is valued over 3,000 pesos. The key purposes of recording or registering the partnership are to provide licenses for business, determine tax liabilities, and allow the public and third parties to accurately identify partnership membership and capital. Failure to meet all requirements only renders the partnership void between the contracting partners, not for third parties.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    2K views1 page

    Article 1771

    Uploaded by

    karl doceo
    This document outlines the legal requirements for forming a partnership under Philippine law. It discusses that a partnership can generally be formed orally or in writing, but certain exceptions apply if real property is contributed or if the partnership is valued over 3,000 pesos. The key purposes of recording or registering the partnership are to provide licenses for business, determine tax liabilities, and allow the public and third parties to accurately identify partnership membership and capital. Failure to meet all requirements only renders the partnership void between the contracting partners, not for third parties.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Article 1771. 4.

    Purpose:
    1. General rule -- no special form is required for the a) A condition for issuance of licenses
    validity or existence of the partnership; may be to engage in business or trade
    made orally or in writing regardless of the value of
    contributions. b) For tax purposes (tax liabilities
    cannot be evaded)
    2. Exceptions --
    c) Public can determine more
    a) if real properties are contributed, public accurately their membership and
    instrument is necessary. Otherwise, the capital before dealing with them
    contract is void. To affect third persons,
    the transfer of real property to the 5. The recording of articles of partnership
    partnership must be duly registered in is not for the purpose of giving the
    the Registry of Property of the province partnership juridical personality; the only
    or city where the property is located. objective of the law is to make the
    recorded instrument open to all and to
    b) If covered by Statute of Frauds -- when an give notice thereof to interested parties.
    agreement to enter in a partnership which The objective is achieved from the date the
    is not to be performed within a year from partnership papers are presented to and left
    the making thereof, such is unenforceable for record in the Commission.
    unless in writing or at least evidence by
    some note or memorandum subscribed by 6. When the certificate recording of the
    the parties. instrument is issued on a date
    subsequent to the date of presentation
    3. Partnership implied: thereof, its effectivity retroacts as of the
    later date.
    a) Its existence may be implied from the acts
    or conduct of the parties, as well as from
    other declarations; such implied contract
    shall be binding as a written and express Article 1773.
    contract. 1. The failure to comply with the following
    b) The intention as disclosed by the entire requirements shall render the partnership
    transaction, and as gathered from the void insofar as the contracting parties are
    facts and from the language employed concerned:
    by the parties as well as their conduct, a) Contract must be in a public
    should be ascertained. instrument
    c) If the parties intend a general partnership, b) Inventory of the property
    they are general partners although their contributed must be made, signed
    purpose is to avoid the creation of such by the parties, and attached to the
    relation. public instrument
    2. Article 1773 is intended primarily to
    Article 1772. protect third persons. With regard to them, a
    de facto partnership or partnership by
    1. Two requirements when partnership is with estoppel may exist.
    capital of P3,000 or more:
    3. Article 1773 does not apply in the case of
    a) Contract must appear in a public immovable property which may be
    instrument possessed or even owned by the
    partnership but not contributed by any of
    b) Must be recorded or registered with the the partners.
    SEC
    2. Failure to comply does not prevent the
    formation of partnership, or affect its liability
    and that of the partners to third persons.
    3. However, the partners have the right to compel
    each other to execute a contract in a public
    instrument. Note: this cannot be availed of if the
    contract of partnership is void.

    You might also like