many you know why i said many because many loves to take over Philippines
example partnership in the Philippines lawfirm
Partnership is covered by Article 1767-1867 of the Civil Code of the Philippines --http://www.scribd.com/doc/55300616/Partnership
tanong pa e
income payments to the partnership is not subject to withholding as its income is not subject to taxes
A Philippine partnership must be registered with SEC.A minimum of 2 partners is required. Partners have unlimited liability.One can setup a limited partnership, the limited partners have limited liability the other partners have unlimited liability.A partnership is taxed like a corporation.
If you mean tax advantage of corporation in the Philippines compared to other countries..I can not answer that. But if you mean corporation in the Philippines compared to Partnership, the corporation is tax on its net income at currently 30% but if its a partnership, same is tax at 30% but there would be presumptive distrubtion of net income among partners which will be subjected to tax again. For corporation in Philippines, the liability of shareholders is limited on their capital subscription only. Unlike partnership or single proprietor, which is to the extent of personal property except of course for limited partners.
4 types -general partnership -limited partnership -master limited partnership -limited liability partnership
like business , we can give many other examples in our life which we are the classes of partnership
A general partnership would not be as close knit as the limited partnership. There also would not be as many legal proceedings to go with it.
Article 1775 of the Civil Code of the Philippines defines a partnership as a contract whereby 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. It emphasizes that partnerships can be formed for a lawful purpose and can be established through written or oral agreements. This article lays the foundation for understanding the nature and obligations of partners within a partnership framework.
Caltex is the result of a partnership between Socal & Texaco, and is now owned, by Cheveron which too is merged with Texaco.
The John Lewis Partnership is a United Kingdom employee owned partnership that owns many stores. It is owned on a trust on behalf of all its employees.