PARTNERSHIP LAW [PHILIPPINES]

Please cite provisions or cases. Thank you!

PARTNERSHIP PROFIT

• Who decides whether the partnership profit can be distributed?
• If vote is needed, how many votes are required?
• How will the profit be distributed, will it be based on capital contribution?

TRANSFER OF INTEREST or SALE OF INTEREST

• Can a partner sell his 'interest to a third party?' what is/are the condition/s?
• Will the buyer become a partner?
• What would be the right of the buyer? Should he buy the "interest of a partner?"
• Will the buyer of the interest be given the right to vote in the decision-making process?
• If a partner sell his "interest without the approval of the other partner, will the transfer be valid or void?
• Will the transfer affect the existence of the partnership, as it will dissolve the partnership?