Law on partnership and Private corporations

General Provisions

Obligations of the Partners

U Give the effects where a partnership is unlawful purpose. III. Problems Explain or state briefly the rule or reason for your answers. 1. X, Y, and Z formed a partnership to which they contributed a total capital of P30,000. The partnership is not registered with the Securities and Exchange Commission. Does the partnership have a juridical personality? GENERAL PROVISIONS 39 2. Same partnership. The partners agreed on the sharing of profits but not of losses. Is there a valid partnership? 3. Same partnership. Among the purposes of the partnership is the promotion of social and religious ends. Will this prevent the creation of a valid partnership in view of Article 1767? 4. Same partnership. The partnership was orally formed without the contract being put in writing signed by the partners. Is the contract of partnership valid? 5. N donated a condominium unit to X, Y, and Z who agreed among themselves to lease it to W and share in the rentals. Are X, Y, and Z partners? III. Problems Explain or state briefly the rule or reason for your answers, 1. X a partner in a partnership, upon arriving from abroad, demands a formal accounting of partnership affairs, Has X the right to insist on his demand if the other partners Y and Z refuse? 2. Same partnership. The partnership is engaged in the grocery business. (a) Can X also engage in the same business? (b) Give the reason why X may be prohibited from engaging in a business for himself. 3. Same partnership. X is appointed manager in the articles of partnership. May Y and Z who represent the controlling interest, revoke the power given to X if the latter insists on executing a contract for the partnership which Y and Z oppose? 4. Same partnership. The liabilities of the partners are as follows: X-P50,000; Y - P30,000; and Z-P20,000. (a) How shall the profits of P15,000 be distributed? (b) Suppose W is an industrial partner. What shall be his share? 5. Same partnership. The partners stipulate that Z shall not be liable for losses. Is the stipulation valid? 000 - BLIR Explain or state briefly the rule or reason for your answers. 1. X, Y, and Z are partners engaged in the grocery business. Each contributed P50,000. It was stipulated that the Sir Theon PARTNERSHIP 124 liability of X shall not exceed his capital contribution. After an unpaid balance of P12,000 in favor of W. Settle the rights of the parties. 2. Same partnership. Is the sale of the automobile of the partnership by X who is the manager of the partnership binding on the partnership? 3. Same partnership. X and Y, controlling partners, after informing Z. agreed to reduce the debt of W to the partnership from P10,000 to P9,000 otherwise W would not pay any amount. May Z question the reduction? 4. Same partnership. Y and Z contributed P15,000 each to the partnership. X was subsequently admitted as a partner with a contribution of P10,000. The partnership has an obligation of P45,000 in favor of W. Compute the liability of the X, Y, and Z in case the obligation was contracted. (a) before X was admitted; (b) after X was admitted