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Partnership and Corporation: Basic Consideration and Formation

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Course
Accounting

Institution
4

Partnership and Corporation: Lesson 1 - Basic consideration and Formation The module includes Characteristics of Partnerships, Advantages, and Disadvantages, Classifications of Partnership, Kind of Partners, and Partnership Formation

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Uploaded on April 20, 2021
Number of pages 3
Written in 2019/2020
Type Interview
Company Unknown
Person Unknown

corporation
partnership
parcor
accounting
basic
partnership and corporation

Institution Secondary school
Education 4
Course Accounting
School year 1

CA$5.18

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Lesson 1: Basic Considerations and Formation

Less
n:
1. Partnership, definition and characteristics
2. Advantages and disadvantages of a partnership
3. Partnership distinguished from a corporation
4. Classifications of Partnership
5. Kinds of Partners
6. Articles of Partnership
7. SEC Registration for Partnership
8. Accounting for Partnership
9. Partnership Formation
10.Prepare a statement of financial position at date of formation

In a contract of partnership, two or morepersons combine themselves to contribute money,
property or industry, to a common fund, with the intention of dividing the profits among
themselves. Two or more persons may also form a partnership for the exercise of a
profession. (Civil Code of the Philippines, Article 1767)

Characteristics of a
Partnership
1. Mutual contribution
2. Division of profits or losses
3. Co-ownership of contributed assets
4. Mutual agency
5. Limited life
6. Unlimited liability
7. Income taxes
8. Partners’ equity accounts

Advantages and disadvantages of a Partnership
Partnership distinguished from corporation:
1. Manner of creation
2. Number of persons
3. Commencement of juridical personality
4. Management
5. Extent of liability
6. Right of succession
7. Terms of existence

Classification of Partnership according to

1. Object
2. Liability
3. Duration
4. Purpose
5. Legality of existence

Kinds of Partners
1. General partner
2. Limited partner
3. Capitalist partner
4. Industrial partner
5. Managing partner
6. Liquidating partner

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