Handouts Module 2A Partnership

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(MSMEs) means

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Magna Carta for Micro, Small and Medium Enterprises

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AN ACT TO PROMOTE ENTREPRENEURSHIP BY STRENGTHENING DEVELOPMENT AND ASSISTANCE PROGRAMS TO MICRO, SMALL AND MEDIUM SCALE ENTERPRISES, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 6977, AS AMENDED, OTHERWISE KNOWN AS THE _ AND FOR OTHER PURPOSES

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“MAGNA CARTA FOR SMALL ENTERPRISES”

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MSME’s was signed on

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MAY 3,2008

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any business activity or enterprise

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Msmes

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engaged in industry, agribusiness and/or services

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Msmes

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True/False

Msmes are only proprietorship

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FALSE- whether single proprietorship, cooperative

partnership or corporation

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T/F

MSMES Within the total value of assets as prescribed by law

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TRUE

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VALUE OF ASSETS:

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• Total assets,

• inclusive of those arising from loans

• but exclusive of the land on which the particular business entity’s office, plant and equipment are situated:

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exclusive of the land on which the particular business entity’s office, plant and equipment are situated:

micro:

Small:

Medjum:

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micro : not more than P3,000,000

small : P3,000,001-P15,000,000

medium : P15,000,001-P100,000,000

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two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves.

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Article 1767

By the contract of partnership

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T/F Two or more persons may also form a partnership for the exercise of a profession.

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True

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CAPITAL CONTRIBUTIONS:

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Money

Industry (skill)

Property

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CONTRIBUTIONS OF MONEY, PROPERTY AND INDUSTRY TO BE PLACED IN A:

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LCOMMON FUND

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CONTRIBUTIONS OF MONEY, PROPERTY AND INDUSTRY TO BE PLACED IN A:

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COMMON FUND

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Purpose of contribution:

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TO DIVIDE PROFITS AMONG THEMSELVES, OR

TO PRACTICE A PROFESSION

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It is perfected by mere consent, that is, upon the express or implied agreement of two or more persons.

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CONSENSUAL

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It is perfected by mere consent, that is, upon the express or implied agreement of two or more persons.

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CONSENSUAL

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It has a special name or designation in our law.

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NOMINATE

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It is entered into by two or more persons and the rights and obligations arising therefrom are always reciprocal.

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BILATERAL

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Each of the parties aspires to procure for himself a benefit through the giving of something.

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ONEROUS

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The undertaking of each of the partner is considered as the equivalent of that of the others.

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COMMUTATIVE

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It does not depend for its existence or validity upon some other contract.

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PRINCIPAL

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It is entered into as a means to an end.

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PREPARATORY

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Literally means choice of the person or choice of the persons

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DELECTUS PERSONAE

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It means that no one can become a member of the partnership association without the consent of all other associates.

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DELECTUS PERSONAE

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Partnership is a voluntary association based on mutual trust and confidence.

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DELECTUS PERSONAE

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The law grants a juridical personality separate and distinct from that of each partners.

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SEPARATE JURIDICAL PERSONALITY

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It may bring civil or criminal actions in accordance with law and regulations of the organization.

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SEPARATE JURIDICAL PERSONALITY

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They have equal rights in the management and conduct of the partnership business.

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TESTS AND INCIDENTS OF PARTNERSHIP

3. Every partner is an agent of the partnership and entitled to bind the other partners by his acts, and for the purpose of its business. TESTS AND INCIDENTS OF PARTNERSHIP

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It may acquire property as well as incur obligations

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SEPARATE JURIDICAL PERSONALITY

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The partners share in profits and losses.

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TESTS AND INCIDENTS OF PARTNERSHIP

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Every partner is an agent of the partnership and entitled to bind the other partners by his acts, and for the purpose of its business.

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TESTS AND INCIDENTS OF PARTNERSHIP

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They have equal rights in the management and conduct of the partnership business.

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TESTS AND INCIDENTS OF PARTNERSHIP

3. Every partner is an agent of the partnership and entitled to bind the other partners by his acts, and for the purpose of its business. TESTS AND INCIDENTS OF PARTNERSHIP

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GENERAL RULE: T/F

No particular form is necessary lfor the validity of a partnership.

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TRUE

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They have equal rights in the management and conduct of the partnership business.

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TESTS AND INCIDENTS OF PARTNERSHIP

3. Every partner is an agent of the partnership and entitled to bind the other partners by his acts, and for the purpose of its business. TESTS AND INCIDENTS OF PARTNERSHIP

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Every partner is an agent of the partnership and entitled to bind the other partners by his acts, and for the purpose of its business.

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TESTS AND INCIDENTS OF PARTNERSHIP

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GENERAL RULE: T/F

No particular form is necessary lfor the validity of a partnership.

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TRUE

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When the capital of partnership is P3,000.00 or more, in money or property:

It must be registered with the

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Securities and Exchange Commission (SEC)

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T/F Without a public instrument, partnership is STILL VALID, but it might prevent the issuance of necessary licenses.

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True

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T/F

Whenever real properties or real rights in real properties are contributed, regardless of the value,

• There must also be an inventory of the immovables.

• This inventory must be signed by the parties and attached to the public instrument.

• WITHOUT THE PUBLIC INSTRUMENT AND INVENTORY, THE PARTNERSHIP IS

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VOID.

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KINDS OF PARTNERS

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1. Capitalist Partner

2. Industrial Partner

3. General Partner

4. Limited Partner

5. Managing Partner

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CLASSIFICATION OF PARTNERSHIPS AS TO LIABILITY:

Is one where all the partners are general partners.

They are liable even with respect to their individual properties, after the assets of the partnership have been exhausted.

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1. GENERAL PARTNERSHIP

2. LIMITED PARTNERSHIP

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KINDS OF PARTNERS

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1. Capitalist Partner

2. Industrial Partner

3. General Partner

4. Limited Partner

5. Managing Partner

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Is one where at least one partner is a general partner and the others are limited partners

is one whose liability is limited only up to the extent of his contributions.

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LIMITED PARTNERSHIP

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CLASSIFICATION OF PARTNERSHIPS AS TO SUBJECT MATTER:

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Universal

A. WITH ALL PRESENT PROPERTY (ART. 1778)

B. WITH ALL PROFITS (ART. 1780)

Particularly

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is one where all the partners are general partners.

They are liable even with respect to their individual properties, after the assets of the partnership have been exhausted.

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GENERAL PARTNERSHIP