Partnership Agreement

Description

A partnership formed by 2 or more individuals other than for the practice of a profession is usually for the purpose of engaging in a business. Partners may contribute either capital, property or industry to the business with the expectation of making profit and dividing it among the partners according to their agreed share. The partnership may exist for a single undertaking or project, or continue for an indefinite period. The partnership and the rights and obligations of each partner shall be govern primarily by the partnership agreement and the provisions of the Civil Code on partnership.

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