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PARTNERSHIP Facts: A, B, C formed Partnership ABC intended to engage in a manufacturing business where A contributed a piece of land with building in
PARTNERSHIP Facts: A, B, C formed Partnership ABC intended to engage in a manufacturing business where A contributed a piece of land with building in it, B contributed 5,000,000 and C, his industry. Questions to be resolved: 1.) In what form should the partnership's agreement be constituted? What are the important declarations in this agreement? 2.) In case any of the partner wants to venture into another business endeavor, can he do so? What are allowed? What are the restrictions? 3.) Assuming D, a third party wants to join the partnership, can he validly join? What are the conditions? What are the restrictions? Why are these restrictions and conditions imposed? 4.) Assuming D was admitted only by B to help build his promised capitalization, what are the rights of D? 5.) Assuming the parties realized continued losses, can C be charged of the Loss? State your reason. 6.) If C was designated as the managing partner, can he be removed? Discuss your answer. 7.) Assuming all of the partnership's assets were already exhausted, but there is still remaining liability, can the third person ran after C? State your reason. 8.) Discuss the concept of Solidarity in partnership and cite 5 indicators of this concept
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