PARTNERSHIP LAW [PHILIPPINES]

Please cite provisions or cases. Thank you!

If there are FIVE PARTNERS, with the following ownership proportion:

• A - 30%; B - 30%; C - 20%; D - 10%; E - 10%

Who makes the decision in the Partnership?

• How will they meet?
• How many votes are required?

1. Will their vote be depended on the number of shares they own?
2. How many votes are required for transaction in the "ordinary course of business" to bind the partnership?
3. What about on matters "not in the ordinary course of business?"
4. What about admission of new partner(s)?
5. What about amendment of "partnership agreement" if there is such an agreement
   • How many votes are required?