KINDS OF PARTNERSHIPS

As to Activity

1. Trading Partnership - one whose main activity is the manufacture or the purchase and sale
of goods.
2. Nontrading Partnership - one which is organized for the purpose of rendering services.

As to Object

1. Universal Partnership
2. Universal Partnership of All Present Property - one in which the partners contribute all the
property which actually belong to each of them, at the time of constitution of the partnership,
to a common fund with the intention of dividing the same among themselves as well as the
profits which they may acquire therewith. All assets contributed to the partnership and
subsequent acquisitions become common partnership assets.
3. Universal Partnership of All Profit - one which comprises all that the partners may acquire
by their industry or work during the existence of the partnership and the usufruct of movable
or immovable property which each of the partners may posses at the time of the institution of
the contract. Partnership assets consist of assets acquired during the life of the partnership
and only the usufruct or use of assets contributed at the time of partnership formation, The
original movable or immovable property contributed do not become common partnership
assets.
4. Particular Partnership - one which has for its object determinate things, their use or fruits,
or a specific undertaking or the exercise of a profession or vocation.

As to Liability of Partners

1. General Co-Partnership - one consisting of general partners who are liable prorata
and sometimes solidarily with their separate property for partnership liabilities.
2. Limited Partnership - one formed by two or more person having as members one or
more general partners and one or more limited partners, who as such are not bound
by the obligations of the partnership. The word LIMITED or LTD.; is added to the
name of the partnership to inform the •public that it is a limited partnership.

As to Duration

1. Partnership at Will - one for which no term is specified and is not formed for a
particular undertaking or venture and which may be terminated any time by mutual
agreement of the partners or the will of one alone.
2. Partnership with a Fixed Term - one in which the term or period for which the
partnership is to exist is agreed upon. It may also refer to a partnership formed for a
particular undertaking and upon the expiration of that term or completion of the
particular enterprise the partnership is dissolved unless continued by the partners.

As to Representation to Others
 1. Ordinary Partnership - one which actually exists among the partners and also as to
third persons.
2. Partnership by Estoppel - one which in reality is not a partnership but is considered
a partnership only in relation to those who, by their conduct or omission, are
precluded to deny or disprove its existence.

As to Legality of Existence

1. De Jure Partnership - one which has complied with all the requirements for its
establishment.
2. De Facto Partnership one which has failed to comply with one or more of the legal
requirements for its establishment,

As to Publicity

1. Secret Partnership one wherein the existence of certain persons as partners are not
made known to the public by any of the partners.
2. Open Partnership - one whose existence is made known to the public by the
members of the firm.