xparcoac p1 classification of partnership

Partners contribute, all assets contributed and subsequent acquisitions become common partnership assets

• universal partnership of all present property

• universal partnership of profits

• particular partnership

Comprises all that the partners may acquire by their work during the existence of the partnership

• universal partnership of all present property

• universal partnership of profits

• particular partnership

One which has for its object determinate things, their use or the exercise of a profession

• universal partnership of all present property

• universal partnership of profits

• particular partnership

partners who are liable prorata and separate property for partnership liabilities

• general

• limited

1 or more limited and general partners, not bound by the obligations of the partnership

• general

• limited

Term which the partnership is to exist is agreed upon

• partnership with a fixed term or for a particular undertaking

• partnership at will

No terms is specified and not formed for a particular undertaking, may be terminated by mutual or alone partner agreement

• partnership with a fixed term or for a particular undertaking

• partnership at will

Complied wall the requirements for its establishment

• de jure partnership

• de facto partnership

Failed to comply with l or more of the legal requirements

• de jure partnership

• de facto partnership

main activity is the manufacture and sale or the purchase and sale of goods

• commercial or trading partnership

• professional or non trading partnership