articles of partnership

Topics: Philippines, Laguna, San Pablo City Pages: 6 (1323 words) Published: February 25, 2014
ARTICLES OF PARTNERSHIP
Of
CINNAVONE LAUNDRY SHOP

KNOW ALL MEN BY THESE PRESENTS
That we, Shannon Grace J. Aliggayu, Single, and Regina Millicent P. Cruz, Single, and Hannaleen R. Natividad, Single, and Maria Jessica P. Larida, Single, and Jonalyn Vicente, Single and Trisha Mae E. Villanueva, all Filipinos, of legal ages and residents of the Republic of the Philippines have agreed to amend a general partnership under the terms and conditions herein after set forth and subject to provisions of existing laws of the Republic of the Philippines. AND WE HEREBY CERTIFY:

ARTICLE I. That the name of the partnership shall be
CINNAVONE LAUNDRY SHOP
a) The partnership name “Cinnavone” is derived from the term Cinnamon but our business has no connection with it. We come up to this idea because it sounds like the tagalong word “Sinabon”, emphasizing our laundry care business. ARTICLE II. That the principal office of the Partnership shall be located at Km. 54 Highway, Brgy. Makiling, Calamba City, Laguna, Philippines.

ARTICLE III. That the names, citizenship and residence of the said partners are as follows:
Name CitizenshipResidence
Aliggayu, Shannon Grace JavierFilipinoTanauanCity, Batangas

Cruz, Regina Millicent PagaduanFilipinoSan Pablo City, Laguna

Larida, Maria Jessica Pulmano FilipinoSta. Rosa City, Laguna

Natividad, Hanaleen ReyesFilipino San Pablo City, Laguna

Vicente, Jonalyn BartolazoFilipino Sto. Tomas, Batangas

Villanueva, Trisha Mae Eslabon FilipinoSta. Rosa City, Laguna

ARTICLE IV. That the term of the said partnership is to exist is 5 years from the original recording of the said partnership by the Securities and Exchange Commission.

ARTICLE V. That the purposes for which this partnership is established are as follows:

To conduct business related to laundry services including dry cleaning.

To support a clean living which is aimed by the Department of Health but this project is basically to help the residents lessen their workload and ensure that their clothes are clean.

We strive to fulfill our extraordinary service, better price by providing superior service.

ARTICLE VI. That the capital of this partnership shall be One Million Pesos, contributed in cash in Philippine currency by the partners as follows:

NAMEAMOUNT CONTRIBUTED
Shannon Grace J. Aliggayu 200,000.00
Regina Millicent P. Cruz300,000.00
Maria Jessica P. Larida200,000.00
Trisha Mae E. Villanueva300,000.00
Total Capital Contribution: 1,000,000.00
ARTICLE VI Section 1. An individual capital account shall be maintained for each partner and shall consist of partner’s capital contribution; any excess contribution shall be treated as capital. ARTICLE VI Section 2. Partner’s failure to contribute the agreed capital is liable for the interest and damages from the time the partner should complied with the obligation.

ARTICLE VII. That the profits and losses shall be divided based on their capital contribution among the partners; the industrial shall receive such share, which must be satisfied first before the capitalist partners shall divide the profits, as may be just and equitable under the circumstances. ARTICLE VIII. In a specific salary, the partners in a partnership do not get paid. They can take in the partnership profits to their distributions and are tax based on their shares of their profits on their partnership income tax return.

ARTICLE IX. That the firm shall be under the management of Trisha Mae E. Villanueva as General Manager hall may execute all acts of administration despite the opposition of his partners, unless he should act in bad faith; and his power is irrevocable without just or lawful cause. The vote of the partners representing the controlling interest shall be necessary for such revocation of power. ARTICLE X. The rights and duties of general and...
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