Partnership Law: Your Checklist in Establishing Your Partnership

Here are some questions you need to answer should you decide to establish a partnership:

Ang mga sumusunod ay mga katanungang kailangan mong sagutin kung nais mong magtayo ng isang partnership:

 

  1. Which type of partnership will you establish? General Partnership or Limited Partnership?   

    • In GENERAL PARTNERSHIP, each partner is liable for the obligation of the partnership.

    • In LIMITED PARTNERSHIP, the partnership shall have for its members one or more general partners and one or more limited partners. Only the general partners shall be bound by the obligations of the partnership.

Aling uri ng partnership ang nais ninyong itayo? General Partnership o Limited Partnership?

    • Sa GENERAL PARTNERSHIP, ang bawat partner ay obligadong harapin ang mga pananagutan ng partnership.

    • SA LIMITED PARTNERSHIP, ang partnership ay bubuuin ng isa or higit pang general partners at isa o higit pang limited partners. Tanging ang tinatawag na general partner(s) lamang ang obligadong humarap sa mga pananagutan ng partnership.

  1. Under what name shall your partnership be known?

Sa anong pangalan nais ninyong makilala ang inyong partnership?

  1. What is the exact address of your partnership’s principal office?

Ano ang eksaktong address ng pangunahing tanggapan ng inyong partnership?

  1. Who are the partners in your partnership?

Sinu-sino ang mga partners ninyo sa inyong partnership?

  1. Where is the residential address of each of your partners?

Saan nakatira ang bawat isa sa inyong mga partners?

  1. For how many years would you like your partnership to exist?

Hanggang ilang taon nais ninyong tumagal ang inyong partnership?

  1. What is the reckoning date of your partnership’s existence? From the date the partnership executes its Articles of Partnership or from the date the SEC approves it incorporation?

Aling petsa ang nais ninyong ituring na petsa kung kailan nagsimula ang inyong partnership? Sa petsa kung kailan niyo isinulat, nilagdaan, at pinanotaryuhan ang inyong Articles of Partnership o ang petsa kung kailan inaprubahan ng SEC ang inyong aplikasyon para magtayo ng isang partnership?

  1. What is the primary purpose for the establishment of your partnership?

Ano ang inyong pangunahing layunin sa pagtayo ng isang partnership?

  1. Does your partnership have any secondary purpose(s)? If yes, indicate them in the Articles of Partnership.

May pangalawang layunin pa ba ang inyong partnership? Kung oo, marapat lamang na ipaloob ito sa inyong Articles of Partnership.

  1. How much is the capital of the partnership?

Magkano ang kapital ng inyong partnership?

  1. How much does each one of the partners contribute?

Magkano ang ibinahagi ng bawat isa sa inyong mga partners?

  1. How would you like the partnership PROFITS distributed? Equally or in proportion to each partner’s respective share?

Paano mo nais hatiin ang KITA ng inyong partnership? Hatiin ito ayun sa kabuuang bilang ninyong magkakapartner o ayun sa kung magkano ang ibinahagi ng bawat isa sa kapital ng partnership?

  1. How would you like the partnership LOSSES distributed? Equally or in proportion to each partner’s respective share?

Paano mo nais hatiin ang LUGI ng inyong partnership? Hatiin ito ayun sa kabuuang bilang ninyong magkakapartner o ayun sa kung magkano ang ibinahagi ng bawat isa sa kapital ng partnership?

  1. As regards partnership profits and losses, would you like them charged or credited to a separate income account of each partner?

Patungkol sa kita o lugi ng partnership, nais niyo bang idagdag o ibawas ito mula sa hiwalay na income account ng bawat partner?

  1. Would you like to charge partnership losses from a partner’s capital account?

Nais niyo bang ibawas ang lugi ng partnership mula sa capital account ng isang partner?

  1. Would you like to elect a General Manager from among the partners who would conduct the day-to-day business of the partnership? If yes, who?

Nais niyo bang pumili ng isang General Manager mula sa inyong mga partner na siyang mangangasiwa sa araw-araw na pagpapatakbo ng negosyo ng partnership? Kung oo, sino?

  1. Would you like the General Manager to receive compensation for services rendered as such in addition to his proportionate share in the partnership profits? If yes, how much?

Nais niyo bang tumanggap ng sahod ang inyong General Manager para sa mga serbisyo niyang ginawa bilang isang General Manager dagdag pa sa matatanggap niyang bahagi sa kita ng partnership bilang partner nito? Kung oo, magkano?

  1. Would you like to limit the power(s)/authority of each partner?

Nais niyo bang limitahan ang kapangyarihan ng bawat isa sa mga partner?

  1. How would you like to limit the power(s) of each partner? 

    • You may opt that no partner shall be able to bind the partnership by act or contract to any liability exceeding __________________________, Philippine Currency, without the consent of each partner? OR

    • You may opt that, without the consent of the other partners, no partner shall on behalf of the partnership borrow or lend money, or make, deliver, or accept any commercial paper, or execute any mortgage, security agreement, bond, or lease, or purchase or contract to purchase, or sell or contract to sell any property for or of the partnership other than the type of property bought and sold in the regular course of its business

Paano mo nais limitahan ang kapangyarihan ng bawat isa sa mga partner?

    • Maari mong ipaloob sa Articles of Partnership na walang sinuman sa mga partners ang tatali sa partnership sa pamamagitan ng isang kilos o kontrata sa anumang pananagutan na lalampas sa halagang _________________, salapi ng Pilipinas, na walang basbas ng bawat isa sa mga partners? O

    • Maari mong ipaloob sa Articles of Partnership na, kung walang basbas ng iba pang partners, walang partner ang, sa ngalan ng partnership, hihiram o magpapahiram ng pera, o gagawa, magdedeliver, o tatanggap ng anumang commercial paper, o gagawa ng anumang mortgage, security agreement, bono, paupa, pagbili o kontrata ng pagbili, o pagbenta o kontrata ng pagbenta ng anumang pag-aari para sa o ng partnership maliban sa mga pag-aari na binili o binenta sa regular na pagpapatakbo ng negosyo nito.

  1. As regards each partner, would you like each of them to receive any salary for services rendered to the partnership?

Patungkol sa bawat partner, nais niyo bang tumanggap ang bawat isa ng sahod para sa mga serbisyong ginawa para sa partnership?

  1. Would you prefer that all funds of the partnership be deposited in its name in such checking account or accounts as shall be designated by the partners?

Nais niyo bang ang lahat ng pera ng partnership ay ideposito sa ngalan ng inyong partnership sa isang checking account o accounts na mapipili ng mga partners?

  1. In case of withdrawals from the capital account of the partnership, would you like the same be signed and approved by each partner OR signed by the General Manager and countersigned by a designated partner?

Sakaling may magwithdraw mula sa capital account ng partnership, nais niyo bang pirmahan at aprubahan ito ng bawat isa sa mga partners o pirmahan lamang ito ng General Manager at tsaka aprubahan ng mapipiling partner?

  1. In case of dissolution of the partnership, how many votes would you require to effect the same?

Sakaling buwagin ninyo ang partnership, ilang boto ang nais ninyong kakailanganin para maisakatuparan ito?

  1. Would you prefer that, in case of disputes under the Articles of Partnership, the same be resolved by litigation in a particular court in some place? If yes, which court of which place?

Mas pipiliin niyo ba na, sakaling may di pagkakaunawaan sa nakapasaloob sa Articles of Parnership, ito’y aayusin sa pamamagitan ng paghabla ng kaso sa isang partikular na korte ng isang lugar? Kung oo, aling korte ng aling lugar?

  1. Would you allow your partner to assign their interest in the partnership to strangers without the prior express written approval of the other partners?

Hahayaan niyo ba ang isang partner na malayang ilagay sa pangalan ng iba ang kanyang interes sa partnership na walang hayagan at nasusulat na pagsang-ayun ng iba pang mga partners bago niya ito gawin?

It Pays To Know | Juan Knows