Management Aspect
CHAPTER III: MANAGEMENT ASPECT
A. Form of Ownership
The business shall be organized under a general partnership contract as defined in Article 1767 of the Civil Code of the Philippines as, a contract of two or more persons who bind themselves to contribute money, property or industry into a common fund with the intention of dividing profits among themselves. In terms of liability the partnership shall be under the general partnership where all of the partners are liable jointly and severally with respect as to the extent of their separate (private) assets.
This form of ownership will allow the partners to easily and inexpensively organize it, as it is formed by a simple contract between two or more persons. In addition, as compared to sole proprietorship the partners can raise a more considerable source of capital. Also, a closer supervision can be obtained for the joint efforts of the partners. The unlimited liability of the partners makes it reliable from the point of view of the creditors. In that way, source of financing is easier to be obtained.
Under the Philippine Laws, the partnership is considered as juridical or legal personality, separate and distinct from the partners. Therefore, the assets of the partnership belong to the firm and are not personal assets of the partners. Likewise, the obligations of the partnership are those of the firm and not of the partners. Below is the Articles of Partnership of the partners.
Articles of Partnership of Evergreen Canarium
This Partnership Agreement is made on January 2, 2013 among Narcissee Dellomas, Jeleen Ann Dela Peña, Ma. Ramona Gonzales and Justine Nepomuceno.
1. Name and Business
The parties hereby form a partnership under the name of Evergreen Canarium to produce Pili Pulp Oil Soap. The principal office of the business shall be Upper Malabog, Daraga, Albay. 2. Term
The partnership shall begin on January 15, 2013, and shall continue until terminated. 3. Capital
The capital of
A. Form of Ownership
The business shall be organized under a general partnership contract as defined in Article 1767 of the Civil Code of the Philippines as, a contract of two or more persons who bind themselves to contribute money, property or industry into a common fund with the intention of dividing profits among themselves. In terms of liability the partnership shall be under the general partnership where all of the partners are liable jointly and severally with respect as to the extent of their separate (private) assets.
This form of ownership will allow the partners to easily and inexpensively organize it, as it is formed by a simple contract between two or more persons. In addition, as compared to sole proprietorship the partners can raise a more considerable source of capital. Also, a closer supervision can be obtained for the joint efforts of the partners. The unlimited liability of the partners makes it reliable from the point of view of the creditors. In that way, source of financing is easier to be obtained.
Under the Philippine Laws, the partnership is considered as juridical or legal personality, separate and distinct from the partners. Therefore, the assets of the partnership belong to the firm and are not personal assets of the partners. Likewise, the obligations of the partnership are those of the firm and not of the partners. Below is the Articles of Partnership of the partners.
Articles of Partnership of Evergreen Canarium
This Partnership Agreement is made on January 2, 2013 among Narcissee Dellomas, Jeleen Ann Dela Peña, Ma. Ramona Gonzales and Justine Nepomuceno.
1. Name and Business
The parties hereby form a partnership under the name of Evergreen Canarium to produce Pili Pulp Oil Soap. The principal office of the business shall be Upper Malabog, Daraga, Albay. 2. Term
The partnership shall begin on January 15, 2013, and shall continue until terminated. 3. Capital
The capital of