Partnership

Partnership is another juridical person, having a separate legal personality from that of its members registered under the Securities and Exchange Commission (SEC). It may either be general partnership, where partners have unlimited liability for the debts and obligation of the partnership; or limited partnerships where one or more general partners have unlimited liability while the limited partners have liability only up to the amount of their capital contributions. It may consist of two (2) or more partners.

Leave a Comment

Your email address will not be published. Required fields are marked *