Classifications of partnerships

Answer 1

CLASSIFICATIONS OF PARTNERSHIP

1. As to extent of its subject matter

a. UNIVERSAL PARTNERSHIP

i. UNIVERSAL PARTNERSHIP OF ALL PRESENT PROPERTY - comprises the following:

a) Property which belonged to each of the partners at the time of the constitution of the partnership

b) Profits which they may acquire from all property contributed

ii. UNIVERSAL PARTNERSHIP OF PROFITS - comprises all that the partners may acquire by their industry or work during the existence of the partnership

Note: Persons who are prohibited from giving donations or advantage to each other cannot enter into a universal partnership

b. PARTICULAR PARTNERSHIP - has for its objects:

i. Determinate things

ii. Their use or fruits

iii. Specific undertaking

iv. Exercise of profession or vocation

2. As to liability of partners

a. GENERAL PARTNERSHIP - consists of general partners who are liable pro rata and subsidiarily and sometimes solidarily with their separate property for partnership debts

b. LIMITED PARTNERSHIP - one formed by 2 or more persons having as members one or more general partners and one or more limited partners, the latter not being personally liable for the obligations of the partnership

3. As to duration

a. PARTNERSHIP AT WILL - one in which no time is specified and is not formed for a particular undertaking or venture which may be terminated anytime by mutual agreement

b. PARTNERSHIP WITH A FIXED TERM - the term for which the partnership is to exist is fixed or agreed upon or one formed for a particular undertaking

4. As to legality of existence

a. DE JURE PARTNERSHIP - one which has complied with all the legal requirements for its establishment

b. DE FACTO - one which has failed to comply with all the legal requirements for its establishment

5. As to representation to others

a. ORDINARY OR REAL PARTNERSHIP - one which actually exists among the partners and also as to 3rd persons

b. OSTENSIBLE OR PARTNERSHIP BY ESTOPPEL - one which in reality is not a partnership but is considered a partnership only in relation to those who, by their conduct or omission, are precluded to deny or disprove its existence

6. As to publicity

a. SECRET PARTNERSHIP - one wherein the existence of certain persons as partners is not avowed or made known to the public by any of the partners

b. OPEN OF NOTORIOUS PARTNERSHIP - one whose existence is avowed or made known to the public by the members of the firm

7. As to purpose

a. COMMERCIAL OR TRADING PARTNERSHIP - one formed for the transaction of business

b. PROFESSIONAL OR NON TRADING PARTNERSHIP - one formed for the exercise of a profession