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Form of Ownership The form of ownership is a partnership, in which indicated Art. 1767 of the Civil Code of the Philippines, that

“_By the contract of partnership 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._

Two or more persons may also form a partnership for the exercise of a profession.”

In this case, the partnership is formed for business purposes. The parties who have entered the partnership are all of legal age of majority and are capable as stated in the law to enter contractual relations.

All partners shall be known as capitalist partners and will have to contribute money as initial capital for the business, and may also contribute property or industry. The contributed money shall be in legal tender which is the Philippines peso. Negotiable instruments, such as checks and bills of exchange are not money but only representatives of money, and there would be no contribution of money until they are cashed.

The primary purpose of the partnership is to obtain profits and to divide the same among the parties. Profits or losses shall be distributed according to capital contributions of partners.

The classification of the partnership shall be defined by the following:

The partnership shall be universal as to the extent of its subject matter; it shall refer to all present property or profits.

As to the liability, it shall be in general partnership or one consisting of general partners who are liable pro rata and subsidiarily sometimes solidarily with the partners separate property for partnership debts.

As to the duration, it shall be partnership with a fixed term, upon the expiration of the enterprise; the partnership is dissolved unless continued by partners.

As to publicity, it is an open or notorious partnership wherein the existence is made known to the public.

As to...