The researchers agreed in binding themselves on the agreement of partnership As to the creation partnership is voluntary agreement and mutual consent of the partner As to life or duration, there is no time limit it is dependent upon the agreement of the partners As to liabilities general partners including industrial partners, are liable for partnership net contractual liabilities up to the extent of their personal assets. Limited partners are liable only to the extent of their contributions. As to transferability of the interest, no partner may transfer his share in the partnership to third persons without consent of all the other partners. As to ability to bind the organization, as a mutual agent, a partner can bind the partnership in a contract even without the consent of other partners, provided it is with authority and for benefit of the partnership. As to power of succession, partnership has no power of succession. Dissolution takes place upon death, insolvency or insanity of any one partner.
The researchers decided that the binding agreements of partnership are more suitable to the export business that the researchers are willing to put up. It is also because each partner bind themselves to contribute fifty-fifty, in short, In partnership there are more resources and assets. The liabilities and expenses are divided equally to each partners. Advantages of partnership to sole proprietorship and corporation As compared to a sole proprietorship, a greater amount of capital can be accumulated in a partnership because of the number of persons involved. Also, better management will result because of the concerted managerial skills, efforts and experiences of the partners. As compared to corporation, a partnership is simpler and less expensive to organize, there being only a few legal requirements.
The Term Paper on Reconstitution and Dissolution of a partnership
ABSTRACT: The paper aims to study using secondary research resources. That what are concepts of Partnership reconstitution and dissolution according to the partnership act 1932. Under what circumstances a partnership firm is entitled to these two concepts respectively, what are the rights, duties and liabilities of each of the partners involved under each case. And according to what modes can the ...
Although both have definite existence, it is easier to dissolve a partnership than a corporation. The partners’ unlimited liability will serve as a protection for the partnership creditors thus encouraging the creditors to extend financial assistance to the business unlike corporation where a stockholder’s liability is limited to what he has invested. According to the Securities and Exchange Commission, to register a partnership the following basic requirements are needed: Basic Requirements of Partnership 1. Name Verification Slip 2. Articles of Partnership 3. Undertaking to change name 4.
Registration Data Sheet 5. If it is a Limited Partnership, the word “Limited” is added to the name. Articles of partnership of limited partnership should always be under oath only (JURAT) and not acknowledged by the partners before a notary public. 6. Clearance from government agencies concerned is also applicable in forming a partnership. B.
Additional Requirements for Partnership 1. License of custom brokers for custom brokerage. 2. Partnership with foreign partners: a. Foreign Investment Agent Application Form b. Proof of Inward Remittance of non-resident alien partner or affidavit manifesting intention not to register investment with the Bank Sentra l ng Pilipinas.
c. If the document is signed outside the Philippines, the same must be duly authenticated by the Philippine Consular Office in the place where it is executed. Steps in Registration: 1. Secure name verification slip from the Records Division. 2.
Proceed to Cashier for payment of filing fee. 3. Submit documents to the Receiving Unit of Records Section. 4. The documents are then forwarded to the Company Registration and Monitoring Department (C RMD) and assigned to the processors. 5.
Galvor Company Business Plan
Case 10-3: Galvor Company Background Galvor Company was founded in 1946 by owner, and president M. Georges Latour. The company had acted as a fabricator, buying parts and assembling them into high quality, moderate-cost electric and electronic measuring and test equipment. Latour had always been personally involved in every detail of the firm's operations as in most family businesses. Fiscal ...
The documents are sent to typing pool for certificate of registration and returned to processing lawyer and Assistant Director for initials. 6. The papers are then forwarded to the Director for signature of the certificate of registration of partnership, 7. The certificate of registration are then forwarded to the Releasing Unit, records division (Ground Floor) and may be claimed upon presentation of the receipt of filing fee. History of the Company: In 1950’s Lolo Pacio was known as an alternative medicine specialist in their barrio, due to his profession, he invested 1, 500 sq meters of farm land composed of fruits, vegetables and herbal leaves. As time passed, Lolo Pacio noticed that the formulation of banaba and malunggay drink has became popular in their place, but many are apprehensive to take this wonder drink because of its unpleasant taste and smell.
Lola Arora (Pacio’s wife) thought of adding “panda n mabango” to Lolo Pacio’s formulation from thereon this wonder drink has been passed on to every generation. The researcher’s envisioned the possibility of this family inherited drink to be transformed into an instant herbal tea for it’s convenience to share the experience of it’s wonder. Organizational chart President – Generates all the reports and handles overall international and local distribution. VP Finance – Handles the budget and financial responsibilities of the company.
VP Operation/ Management – Handles the operation and production of the company. VP Marketing – Handles the marketing and promotion of the company. Accountant – Handles the account of the company. Operation Manager – Supervising the operation and production of the factory. Factory Workers – the one who’s producing the product. Quality Control Officer – Controlling and monitoring the quality of the product.
Ware House Officers – Handles the manual inventory of the product. Documentation and Trade Requirements: In accordance to Bureau of Trade and Promotions to set up an export business the following procedures are required: 1. The business must be registered with the Department of Trade and Industry (DTI) if it is a sole proprietorship. If it is a corporation or partnership it must be registered with Securities and Exchange Commission (SEC).
The Business plan on Bank Overdraft Business Pay Interest
Part 1 Business and finance 1. If you want to buy an existing business you have to pay some extra money to recognise the work done by the previews owners, the existing costumer base and the reputation of the business. The combined value of these represents goodwill. 2.The purchase of stock- trade credit is probably the best option but a bank overdraft could be used. Renovations that will cost $50, ...
The business should also be registered to Bureau of Internal revenue and the municipality where the business is intended to operate. 2.
When receipt of a purchase order from a foreign buyer, the buyer is immi ately sent a proforma invoice for confirmation. An order is confirmed when the proforma invoice is signed and returned to the seller from the buyer. 3. Payments for exports are normally made through banks.
The foreign buyer’s interest in the Philippines is represented by a local authorized agent bank, which is assigned by the foreign buyer’s bank. The Local Authorized agent Bank will assist in the negotiating and collection of payments for the seller’s export. 4. The Authorized Agent Bank will explain all the instructions concerning the shipment to ensure it’s acceptability for payment.
However.
