pship-table-1.docx - General Partnership vs Limited Partnership As to Creation GENERAL PARTNERSHIP Created by mere consent Form Membership Requirement

pship-table-1.docx - General Partnership vs Limited...

This preview shows page 1 - 3 out of 5 pages.

General Partnership vs. Limited PartnershipGENERAL PARTNERSHIPLIMITED PARTNERSHIPAs to CreationCreated by mere consentCreated by the partners after the compliance of requirements to SEC)Form It may be constituted in any formForm is required Membership RequirementAll are general partnersThere must be one (1) general partner and one(1) limited partner.Contribution of PartnersGeneral partners can contribute money, property, and industryLimited partners can only contribute money and propertyManagement participationAll are partners unless there is a stipulation to the contrary (Art. 1801-1803)Limited partners have no participation in the management Consent in Acts of OwnershipThere must be consent of all partnersThere must be consent of all partners and written consent for limited partnersFirm nameMay or may not include one or more partner’s nameMust not include any limited partner’s nameMust have the word “Limited” In firm nameLiabilityGeneral partners are liable up to the extent of their separate propertyLimited Partners are only liable up to the extent of their capital contributionPartners engaging in same/different businessCapitalist partners cannot engage in same kind of businesses unless there is a stipulation to the contrary Industrial partners cannot engage in same and different kind of businesses unless there is a stipulation to the contraryLimited partners can engage in any other businesses.Assignment of Interest to Third PersonGeneral partners cannotassign their interest unless there is consent of all partnersLimited partners can assign their interestRights of PartnersRight to reimbursement(Art. 1796)Right to reimbursement(Art. 1796)
Right to inspect partnership books (Art 1805)Right to true and full information (Art 1806)

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture