Law on Partnership Corporation Cooperatives (Philippines)

1. Roselyn and Michelle decided to sell silver jewelry to their schoolmates on credit. Roselyn will put up small amount of money in the amount of P 2,500.00 and consign some jewelry from her Aunt while Michelle will sell, market, and do the credit collections. Discuss the law on how the partners will constitute their partnership business.

2. Three friends has an existing business, being a franchisee of Jollibee in Tagum City business wherein they contributed: Ronald - cash of P 5,500,000.00 Luis - cash of P 3,000,000 and a utility van worth P 500,000 Benny - a parcel of land worth P 6,000,000 A year later, Luis opened by his own a Chowking business wherein he Luis is the solo proprietor-franchisee. Is there a legal ground for the other partners to complain, in case there is, what is the legal penalty?

3. You are an accountant. One of your clients is Ramon. One day, Ramon is excited and informed you that he bought and acquired a capital share of one of the partners in an existing convenience store business. Thinking that he is one of the owners and you are his business CPA, he wanted you to accompany him to that convenience store office to scrutinize and study the existing financial books of the office in order that he will be able to provide managerial inputs to the business. The question is: what is the status of your client in that business, based on our existing laws.

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REFERENCE:

Partnership Reference:

https://kupdf.net/download/law-on-partnership-and-corporation-by-hector-de-leon_59657ceadc0d6075302be310_pdf