Partnership and private corporation fundamentals
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Partnership and private corporation fundamentals

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Philippine articles about PARTNERSHIP AND CORPORATION LAW... ...

Philippine articles about PARTNERSHIP AND CORPORATION LAW...
ARTICLES 1805-1810...

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  • 1. PARTNERSHIP AND PRIVATE CORPORATION FUNDAMENTALS CONTENTS: I. Article 1805 II. Article 1806 III. Article 1807 IV. Article 1808 V. Article 1809 VI. Article 1810
  • 2. ARTICLE 1805. The partnership books shall be kept, subject to any agreement between the partners, at the principal place of business of the partnership, and every partner shall at any reasonable hour have access to and may inspect and copy any of them. (n)
  • 3. ARTICLE 1806. Partners shall render on demand true and full information of all things affecting the partnership to any partner or the legal representative of any deceased partner or of any partner under legal disability. (n) Transparency required of partners
  • 4. ARTICLE 1807. Every partner must account to the partnership for any benefit, and hold as trustee for it any profits derived by him without the consent of the other partners from any transaction connected with the formation, conduct, or liquidation of the partnership or from any use by him of its property. (n) Matters which a partner must account to the partnership
  • 5. ARTICLE 1808 The capitalist partners cannot engage for their own account in any operation which is of the kind of business in which the partnership is engaged, unless there is a stipulation to the contrary. Any capitalist partner violating this prohibition shall bring to the common funds any profits accruing to him from his transactions, and shall personally bear all the losses. (n)
  • 6. ARTICLE 1809 Any partner shall have the right to a formal account as to partnership affairs:  (1) If he is wrongfully excluded from the partnership business or possession of its property by his co-partners;  (2) If the right exists under the terms of any agreement;  (3) As provided by article 1807;  (4) Whenever other circumstances render it just and reasonable. (n)
  • 7. SECTION 2 PROPERTY RIGHTS OF A PARTNER
  • 8. ARTICLE 1810 The property rights of a partner are:  (1) His rights in specific partnership property;  (2) His interest in the partnership; and  (3) His right to participate in the management (n)
  • 9. THE END  
  • 10. BOOK AND BOOK ENTRY AND BOOK OF ACCOUNT DEFINED Book means to record in a book. While book entry refers to a notation in the accounting journal. Book of account containing emerges and showing a continuous dealing with persons generally. Go back
  • 11. TRANSPARENCY REQUIRED OF PARTNERS Transparency of partnership matters is required of every partner, partnership being a fiduciary relationship. Thus, Article 1806, Civil Code, requires that: “Partners shall render on demand true and full information of things affecting the partnership to any partner or the legal representative of any deceased partner or of any partner under legal disability. Go back
  • 12. MATTERS WHICH A PARTNER MUST ACCOUNT TO THE PARTNERSHIP There are matters which a partner must account to the partnership. Under article 1807, Civil Code, every partner must account to the partnership: (1) for any benefit, (2) hold as trustee for it any profits derived by him without the consent of the other partners from any transaction connected with (a) the information; (b) conduct; or (c) liquidation of the partnership; or (d) from any use by him of his property. Go back
  • 13. CAPITAL DEFINED Capital broadly means all the money and property of a corporation or other enterprise used in transacting its business. It is a fund or property existing at an instant time. CAPITALIST AND PARTNER DEFINED AND EXPLAINED A Capitalist Partner is one who provides fund or property Go back
  • 14. ACCOUNT DEFINED AND EXPLAINED An account is a detailed statement of the mutual demand in the nature of debt and credit between parties, arising out of contracts of some fiduciary relation. Go back
  • 15. PROPERTY RIGHTS OF A PARTNER ENUMERATED There are three (3) property rights of a partner enumerated under Article 1810, Civil Code, namely: (1) His rights to specific partnership property; (2) His interest in the partnership property; and (3) His right to participate in the management of the partnership. Go back