Art.
1797: In absence of a stipulation, an
industrial partner is exempt from sharing in the
losses of the partnership, and is entitled to
receive a share that is just and equitable under
the circumstances.
Art. 1800: The partner who has been appointed
manager in the articles of partnership may
execute all acts of administration, unlesshe
should act in bad faith. His power is revocable
only upon just and lawful cause and upon the
vote of the partners representing the controlling
interest.
(6) By the insanity of any of the partners
Art. 1818: Every partner is an agent of the
partnership for the purpose of its business, and
the act of every partner, including the execution
in the partnership name of any instrument,
for apparently carrying on in the usual way
the business of the partnership of which he is a
member binds the partnership xxx, and an act
of a partner which is not apparently for the
carrying on of business of the partnership in
the usual way does not bind the partnership
unless authorized by the other partners.
Art. 1863: In setting accounts after dissolution
As a general rule a partnership is created validly
regardless of what form or formalities it has.
However, the law provides that when there is an
immovable property involved, it must be in a
public instrument (Art. 1771). And when the
partnership has a capital greater than P3k in
money or in property, it must be in a form
registered to the Securities and Exchange
Commission. (Art. 1772) Lastly, if there is an
immovable property involved, there must be
an inventory of such attached to the public
instrument. (Art. 1773)
5. Those to general partners in respect to profits;
Art 1828: The dissolution of a partnership is the
change in the relation of the partners caused by
any partner ceasing tobe associated in the
carrying on as distinguished from the winding up
of the business
1830: A partnership is dissolved by operation of
law when:
(1)Without violating the agreement in the
partnership contract:
a) By the expiration of the term specified
for the life of the partnership.
b) By the will of any party to dissolve the
partnership if no such period for the life
of the partnership is provided.
c) By the will of all parties in case the
period specified for the life of the
partnership has not yet expired.
(2) In violation of the agreement in the
partnership contract
(3) When the purpose of the partnership has
become unlawful
(4) By the loss of the specific thing to be
contributed, before it was delivered
(5) By civil interdiction of any of the partners
(7) By death of any of the partners
Art. 1839(2) of the Civil Code states that the
liabilities of the partnership shall rank in order of
payment, as follows:
1. Those owing to creditors other than partners,
2. Those owing to partners other than for capital
and profits,
3. Those owing to partners in respect of capital,
4. Those owing to partners in respect of profits
the liabilities of the partnership shall be entitled
to payment in the following order:
1. Those to creditors, in the order of priority as
provided by law, except those to limited partners
on account of their contributions, and to general
partners;
2.Those to limited partners in respect to their
share of the profits and other compensation by
way of income on their contributions;
3. Those to limited partners in respect to the
capital of their contributions;
4. Those to general partners other than for
capital and
profits;
6. Those to general partners in respect to capita