Articles Of Partnership Essay

That no transfer will reduce the ownership of Filipinos citizens to less than the required percentage of capital shall be recorded in the paper books of the partnership. ARTICLE VII. That the profits and losses shall be divided pro-rata among the partners. ARTICLE VIII. That should there be any additional contribution made by a limited partner, such must be agreed upon by all the partners in writing and duly recorded at least two (2) days after signing of same agreement. Such contribution shall amend Article VI of the Articles of Partnership and in no case shall such amendment be done less than one (1) year after the original recording of said partnership by the Securities and Exchange Commission. ARTICLE IX. That the contribution of each limited partner may be returned to him/ her three (3) years after the original recording of said partnership by the Securities and Exchange Commission. ARTICLE X. That the limited partner may be given the right to substitute an assignee as contributor in his place, provided that he has duly notified his partners in writing, stating the reasons therefor, five (5) days before affectivity of said substitution. Provided further that such limited partner has already settled his obligations to the partnership prior to the notification of substitution. ARTICLE XI. That a partner may admit an additional limited partner, provided that the other partners have been duly notified in writing five (5) days before effectivityof admission and duly concurred by all the partners in writing. ARTICLE XII. That the remaining general partner or partners shall have the right continue the business in cases of death, retirement, civil interdiction, insanity Orin solvency of a general partner. ARTICLE XIII. That the firm shall be under the management of Jorgielyn F. Pardilla, as General Manager and as such she shall be in charge of the management of the affairs of the partnership. ARTICLE XIV. That the partners willingly undertake to change the name of the partnership immediately upon receipt of notice/ directive from the Securities and Exchange Commission that another partnership, corporation, or person has been declare misleading, deceptive, confusingly similar to a registered name or contrary to public morals, good customs or public policy.