BUSINESS LAWS AND REGULATIONS
2021 04-AC-00053-0 978-621-04-3651-8 BS Accountancy Interest in Partnership .......................................................................................... 24 Right to Participate in Management ................................................................... 25 Right to Profits and Obligation for Losses ......................................................... 27 Exclusion of Partner from Share.......................................................................... 28 Obligation to Render Information....................................................................... 28 Obligation to Account and Act as Trustee ......................................................... 28 LESSON 3: OBLIGATIONS OF THE PARTNERSHIP/PARTNERS TO THIRD PERSONS Obligation to Operate under a Firm Name........................................................ 29 Liability of Partnership......................................................................................... 29 Liability of Partners for Partnership Contracts ................................................. 30 Conveyance of Partnership Real Property......................................................... 31 Liability of Partners .............................................................................................. 32 Liability of an Incoming Partner ......................................................................... 33 Notice to or Knowledge of the Partnership ....................................................... 33 CHAPTER 3: DISSOLUTION AND WINDING UP Causes of Dissolution .................................................................................................... 37 Effects of Dissolution ..................................................................................................... 40 Winding Up Partners..................................................................................................... 41 Rights of Partners in Case of Dissolution ................................................................... 42 Rights of Partners in Case of Rescission ..................................................................... 42 Settling of Accounts Between Partners....................................................................... 43 Rights of Creditors of a Dissolved Partnership ......................................................... 44 Rights of a Retired Partner or a Representative of a Deceased Partner ................. 45 Right to an Account ...................................................................................................... 45 CHAPTER 4: LIMITED PARTNERSHIP Characteristics ................................................................................................................ 49 Formation ........................................................................................................................ 50 Management ................................................................................................................... 50 Obligations of a Limited Partner.................................................................................. 51 Rights of a Limited Partner........................................................................................... 52 Dissolution of Limited Partnership ............................................................................. 54 Settlement of Accounts.................................................................................................. 54 Amendment or Cancellation of Certificate................................................................. 55 iv UNIT II REVISED CORPORATION CODE CHAPTER 1: ORGANIZATION, INCORPORATION, AND FUNCTIONS OF DIRECTORS/OFFICERS LESSON 1: Lesson 1.1: GENERAL PROVISIONS Classes of Corporations ............................................................................... 64 Corporators, Incorporators, Stockholders, and Members ....................... 64 Classification of Shares ................................................................................ 65 Doctrine of Equality of Shares .................................................................... 67 Other Kinds of Stocks/Shares ..................................................................... 68 Doctrine of Piercing the Veil of Corporate Entity .................................... 68 Lesson 1.2: INCORPORATION AND ORGANIZATION OF PRIVATE CORPORATIONS Number and Qualifications of Incorporators ........................................... 70 Terms of Corporate Existence ..................................................................... 72 Capital Stock Requirements ....................................................................... 72 Contents of the Articles of Incorporation.................................................. 73 Amendment of Articles of Incorporation.................................................. 74 Grounds When Articles of Incorporation or Amendment May Be Disapproved .................................................................................... 75 Corporate Name ........................................................................................... 76 Registration, Incorporation, and Commencement of Corporate Existence ..................................................................................... 77 Effects of Non-use of Corporate Charter and Continuous Inoperation .............................................................................. 78 LESSON 2: Lesson 2.1: BOARD OF DIRECTORS/TRUSTEES AND OFFICERS The Board of Directors or Trustees of a Corporation, Its Qualifications and Terms ...................................................................... 81 Disqualification of Directors, Trustees, or Officers ................................. 82 Election of Directors or Trustees ............................................................... 84 Corporate Officers ....................................................................................... 85 Report of Election of Directors, Trustees, and Officers;
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CONTENTS
PREFACE ....................................................................................................................... xv UNIT I THE LAW ON PARTNERSHIP CHAPTER 1: GENERAL PROVISIONS Essential Features........................................................................................................... 1 Parties, Object and Form ............................................................................................... 2 Duration of Partnership ................................................................................................ 5 Rules to Determine Existence ...................................................................................... 5 Kinds of Partnership...................................................................................................... 6 Kinds of Partners............................................................................................................ 7 Partnership as Distinguished from Other Contracts ................................................ 8 CHAPTER 2: RIGHTS AND OBLIGATIONS LESSON 1: RIGHTS AND OBLIGATIONS OF THE PARTNERSHIP Right to Contribution ............................................................................................ 15 Right to Additional Contribution........................................................................ 17 Right to Apply Payment Received to Partnership Credit ................................ 18 Right to Return of Credit Received..................................................................... 19 Right to Indemnity for Damages......................................................................... 19 Suit for Damages.................................................................................................... 20 Responsibility to Partners .................................................................................... 20 LESSON 2: RIGHTS AND OBLIGATIONS OF PARTNERS INTER SE Right to Associate Another in Share................................................................... 22 Right to Inspect Partnership Books .................................................................... 22 Right to Formal Account ...................................................................................... 22 Property Rights of Partners ................................................................................. 23 Ownership of Certain Properties ........................................................................ 23 Rights in a Specific Property ............................................................................... 23 Interest in Partnership .......................................................................................... 24 Right to Participate in Management ................................................................... 25 Right to Profits and Obligation for Losses ......................................................... 27 Exclusion of Partner from Share.......................................................................... 28 Obligation to Render Information....................................................................... 28 Obligation to Account and Act as Trustee ......................................................... 28 LESSON 3: OBLIGATIONS OF THE PARTNERSHIP/PARTNERS TO THIRD PERSONS Obligation to Operate under a Firm Name........................................................ 29 Liability of Partnership......................................................................................... 29 Liability of Partners for Partnership Contracts ................................................. 30 Conveyance of Partnership Real Property......................................................... 31 Liability of Partners .............................................................................................. 32 Liability of an Incoming Partner ......................................................................... 33 Notice to or Knowledge of the Partnership ....................................................... 33 CHAPTER 3: DISSOLUTION AND WINDING UP Causes of Dissolution .................................................................................................... 37 Effects of Dissolution ..................................................................................................... 40 Winding Up Partners..................................................................................................... 41 Rights of Partners in Case of Dissolution ................................................................... 42 Rights of Partners in Case of Rescission ..................................................................... 42 Settling of Accounts Between Partners....................................................................... 43 Rights of Creditors of a Dissolved Partnership ......................................................... 44 Rights of a Retired Partner or a Representative of a Deceased Partner ................. 45 Right to an Account ...................................................................................................... 45
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