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What is Understanding Partnership Contracts and Requirements about?

A partnership is an agreement between two or more persons to carry on a business together and share the profits. Essential requirements for a valid partnership include a contract, lawful purpose, mutual contributions, and intent to share profits. However, a contract of partnership is not valid if all partners are minors due to their lack of legal capacity. While registration with the SEC is required for partnerships with capital over P3,000, failure to register does not affect the partnership

Author

TPA TPA

Language

EN