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PARTNERSHIP Provisions guide 1767: Definition 1768: Partnership as a Juridical

PARTNERSHIP Provisions guide 1767: Definition 1768: Partnership as a Juridical Person + no need for record in SEC It is the partnership who aquires the properties and the capital of the partners. It should be liable for any obligation on the partnership. UNLESS the partnership is used for fraudulent schemes. It must: -Refund the equity of retiring parners (Villareal vs Ramirez) When it is exhausted of capital and property, the partners should be liable by virtue of unlimited liability. 1769: Rules to Determine Existence of Partnership 1) If not partners to each other, not partners as to 3rd persons 2) Co- ownership not conclusive of partnership (in reasoning that it is not a partnership, say that the profit sharing is merely incidental to the dissolution of the co-ownership) 3) Sharing of gross returns as well 4) Receipt of the share of profits prima facie evidence of partnership except -debt -wages -annuity to a widow -interest to a loan -consideration for a sale of goodwill of a business or other property by installment 1770: Object of a Partnership uploads/Finance/ partnership-provisions-guide.pdf