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    PARTNERSHIP - III Rights of A Partner

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    Chachi Soriano
    The document discusses the rights of partners under Philippine law. It outlines a partner's right to (1) associate another person in their share of the partnership with consent, (2) access, inspect, and copy partnership books kept at the principal place of business, and (3) request a formal account of partnership affairs in certain situations like wrongful exclusion from the business or under the partnership agreement terms.

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    PARTNERSHIP - III Rights of A Partner

    Uploaded by

    Chachi Soriano
    76 views2 pages
    The document discusses the rights of partners under Philippine law. It outlines a partner's right to (1) associate another person in their share of the partnership with consent, (2) access, inspect, and copy partnership books kept at the principal place of business, and (3) request a formal account of partnership affairs in certain situations like wrongful exclusion from the business or under the partnership agreement terms.

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    PARTNERSHIP - III Rights of a Partner

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    The document discusses the rights of partners under Philippine law. It outlines a partner's right to (1) associate another person in their share of the partnership with consent, (2) access, inspect, and copy partnership books kept at the principal place of business, and (3) request a formal account of partnership affairs in certain situations like wrongful exclusion from the business or under the partnership agreement terms.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    76 views2 pages

    PARTNERSHIP - III Rights of A Partner

    Uploaded by

    Chachi Soriano
    The document discusses the rights of partners under Philippine law. It outlines a partner's right to (1) associate another person in their share of the partnership with consent, (2) access, inspect, and copy partnership books kept at the principal place of business, and (3) request a formal account of partnership affairs in certain situations like wrongful exclusion from the business or under the partnership agreement terms.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    III.

    RIGHTS OF A PARTNER o General rule – principal place of business


    o Exception – unless otherwise agreed upon by the partners
    To associate another in his share (NCC 1804)  Right to access at any reasonable hour
    Art. 1804. Every partner may associate another person with him in his o Reasonable hours during business days throughout the year,
    share, but the associate shall not be admitted into the partnership not merely during some arbitrary period chosen by the
    without the consent of all the other partners, even if the partner having managing partner
    an associate should be a manager.  Inspection rights are not absolute.
     Contract of subpartnership
    o Partnership between a member of a partnership and a third
    person for a division of the profits coming to him from the To have a formal account (NCC 1809, 1842)
    partnership enterprise Art. 1809. Any partner shall have the right to a formal account as to
    o Essentially “a partnership within a partnership” partnership affairs:
    o Distinct and separate from the main or principal (1) If he is wrongfully excluded from the partnership business or
    partnership’ possession of its property by its co-partners;
     Subpartnership does not affect the composition, existence or (2) If the right exists under the terms of any agreement;
    operations of the firm (3) As provided by Article 1807;
     Subpartner does not acquire rights nor liabilities of a partner (4) Whenever other circumstances render it just and reasonable.
    o Unless all partners consent to the subpartner to becoming a  General rule
    new partner. o During the existence of the partnership, a partner is not
    o Consent of all the partners is needed because it is based on entitled to a formal account of partnership affairs
    mutual trust and confidence o REASON 1  the rights of partner to know partnership
     Delictus personae – the choice of a person  partners have the affairs are amptly provided in Art. 1805 and 1806
    right to select their co-partners o REASON 2  [practical] constant demand for formal
    accounting will cause much inconvenience and unnecessary
    To access, inspect and copy partnership books (NCC 1805) waste of time
    Art. 1805. The partnership books shall be kept, subject to any o A suit for accounting is usually filed only when the
    agreement between the partners, at the principal place of the business partnership has been dissolved.
    of the partnership, and every partner shall at any reasonable hour have  Exceptions
    access to and may inspect and copy any of them. o Formal account may be rendered even before dissolution of
     Duty to keep records primarily rests upon the managing or active partnership under those enumerated (4) in Art. 1809
    partner, or the particular partner assigned to such duties o Example (no. 4)  when a partner has been assigned
     Right extends even after dissolution abroad for an extended period of time  he’d want to
     PURPOSE  to enable the partners to have true and full know the affairs and status of the partnership as it directly
    information of all things affecting the partnership affects his profit/share
     Place of storage  Prescriptive Period
     Action for accounting

    Property Rights (NCC 1810)

    To possess specific partnership property (NCC 1811)

    To convey partnership interest (NCC 1812, 1813)

    To ask for dissolution (NCC 1830 (2), 1831)

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