The partnership "Tai Sing & Co." obtained loans from PNB through managers authorized to act on behalf of the partnership. One partner claimed the partnership was not validly formed, but the court found it was a valid general partnership under law. The court ruled the partnership was liable for the loans, as all partners are jointly and severally liable for debts incurred in the name of the partnership by authorized managers, according to the Commercial Code. Even if one manager had died, another partner and a later manager validly obtained additional loans binding all partners.