SIZZIES COMPANY

FOOD HUB
Batangas State University PB Main I

ARTICLES OF PARTNERSHIP
OF
SIZZIES COMPANY

ARTICLE I. The partnership name, nature, purpose and location;

The Article I provides the information about the partnership name, nature of the business
purpose and location.

Section 1. PARTNESHIP NAME

The name of the partnership is SIZZIES COMPANY.

Section 2. BUSINESS NATURE

The nature of our business is merchanding business that offers different kinds of snacks
that a consumers can afford

Section 3. PURPOSE OF THE BUSINESS

The purpose of the business is for which the partnership is formed: to acquire, hold or
investments, manage, operate, build, develop and to sell finger foods at Batangas
State University. The main purpose of our business is to minimize the time and effort
of every students to find their snacks in behalf of our product which is the finger foods
and they can easily ingest. Half of our profit will be donated to the less fortunate. The
other purpose of our business is to lessen the hunger of the customers. They will
have another choices of finger foods to pick.

Section 4. LOCATION OF THE BUSINESS

The company is located at Batangas State University Main Campus 1

ARTICLE II. The names, citizenship and residences of the partners of said partnership are
as follows:
The Article II elaborated the partners name, citizenship, and the residences.
Name Citizenship Residence
1 Sophia Nicole Sandoval Filipino Kumintang Ibaba, Batangas City
2 Jamie Lou Bejasa Filipino Kumintang Ilaya, Batangas City
3 Darian Mae Falceso Filipino Malitam, Batangas City
4 John Kenneth Noriega Filipino Banaba Center, Batangas City
ARTICLE III. The date of formation and the duration of the partnership;
The Article III discussed company’s date of formation and duration in order to clarify when
will the business started and how long will the business run.

Section 1. That this partnership shall have a term to exist at Feb. 11, 2020.

Section 2. This will end until April 30, 2020 from and after the original recording of its
Articles of Partnership by the Securities Exchange Commission.

ARTICLE IV. The capital contribution of each partner, the procedure for valuing non-
cash investments, treatment of excess contribution (as capital or as a loan) and the penalties
for a partner’s failure to invest and maintain the agreed capital;
The Article IV explained the partners contribution to the business, the procedure for valuing
non-cash investments, treatment of excess contribution whether it is a capital or a loan, and
what will be the possible penalties for a partner’s failure to invest and maintain the agreed
capital.

Section 1. The capital contribution of each partner should be Five Hundred Pesos
(500.00).

Name of Partners Amount Contributed

Sophia Nicole Sandoval P 125.00
 Jamie Lou Bejasa P 125.00
Darian Mae Falceso P 125.00
John Kenneth Noriega P 125.00
P 500.00

Section 2. The procedure for valuing non-cash investmnets is to measure the partner’s
capacity and quantity he/she invested base on the agreed ratio and he/she will not be
part of the company’s loss.

Section 3. The traetment for partner who have excess contribution may get percentage
amount of profit differ from the other partners and that is base from the agreement of
the partnership. The penalties of the partner if he/she failed to invest and maintain the
capital the skill or his/her knowledge can be another way of an investment.

ARTICLE V. The rights and duties of each partner;

The Article V considered the right and duties of the partner and also each of them should be
oblige and responsible for the assigned job.

Section 1. The rights of each partner should be able to manage and operate the
business, to express views and ideas, everyone has the right to supervise the books
account, and each partner is authorized to claim their profit equally.

Section 2. The duties of each partner should not destroy any agreement before the
partnership started, all partners are required to to share loss from the business equally,
every partners are required to work and be responsible, and the property of the business
must be used only on business purposes only.

ARTICLE VI. The accounting period to be adopted, the nature of accounting records,
financial statements and audits by independent public accountants;
This article present the accounting period to be adopted, the nature of accounting records,
and financial statements and audits by independent accountants.

Section 1. All the transaction that the business will confront shall be recorded into the
book of accounts and the assigned accountant is the one who will operate the book of
accounts.

Section 2. The nature of the accounting records is when a partner invest funds or some
properties or other assets in the partnership, and when a partner extracts funds from the
business and also allocation of profit or loss.

Section 3. The financial statements and audits by independent public accountants

includes consideration of internal control over financial reporting. An auditor also
includes examining a test basis, evidence, supporting the amounts and disclosures in the
financial statements.

ARTICLE VII. The method of sharing profit or loss, frequency of income measurement
and distribution, including any provisions for the recognition of differences in contribution;
This article shows the method of sharing profit of loss, frequency of income
measurement and distribution, including any provisions for the recognition of differences in
contribution.

Section 1. The method of sharing profit or loss of the partnership shall be divided and
distributed in an equally ratio of the capital contribution of each partner.

Section 2. The frequency of income measurement and distribution ids when one partner
is contributing more time to the partnership he/she might be entitled to an exclusive
salary to compensate for the additional time.

Section 3. That the provision for the recognition of differences in contributions

allocates the funds to the transferring or other partners property and obligations
contributed, transfer to partnership that re-characterized as sales.

ARTICLE VIII. The drawings or salaries to be allowed to partners;

This article provides the drawings or salaries to be allowed to partners.
 Section 1. The income of the partnership should be divided between the numbers of
partners in a business.

Section 2.That each partners should have the freedom to draw out the business in
expected profits that may be mutually agreed on the sums are to be drawn after it has
been entered to the book of partnership with the terms of agreement.

ARTICLE IX. The provision for arbitration of disputes, dissolution, and liquidation.
This article discussed the provision for arbitration of disputes, dissolution, and liquidation.

Section 1. That the provision for arbitration of disputes is when one partner is having
secret profits. Partnership is clearly declared that the profits should be equally
distributed.

Section 2. That the provision for dissolution is when one existing partner die. He/she
can be no longer be a partner in a firm.

Section 3. That the provision for liquidation must be compulsory decided to what the
partnership will discussed and the partners should be aware to the liabilities of the
company.

IN WITNESS WHEREOF, we have hereunto affixed our signatures this 11 th day of February
2020, at Pablo Borbon Main 1, Rizal Avenue Extension 4200, Batangas City, Philippines.

Sophia Nicole C. Sandoval Jamie Lou F. Bejasa

SR CODE: 19-55167 SR CODE: 19-54653

Darian Mae F. Falceso John Kenneth R. Noriega

SR CODE: 19-58047 SR CODE: 19-51189

IN WITNESS WHEREOF, we have hereunto affixed our signatures this 11 th day of February
2020, at Pablo Borbon Main 1, Rizal Avenue Extension 4200, Batangas City, Philippines.

Sophia Nicole C. Sandoval Jamie Lou F. Bejasa

SR CODE: 19-55167 SR CODE: 19-54653

 Darian Mae F. Falceso John Kenneth R. Noriega

SR CODE: 19-58047 SR CODE: 19-51189

ARTICLE VIII. The drawings or salaries to be allowed to partners;

This article provides the drawings or salaries to be allowed to partners.

Section 1. The income of the partnership should be divided between the numbers of
partners in a business.

Section 2.That each partners should have the freedom to draw out the business in
expected profits that may be mutually agreed on the sums are to be drawn after it has
been entered to the book of partnership with the terms of agreement.

ARTICLE IX. The provision for arbitration of disputes, dissolution, and liquidation.
This article discussed the provision for arbitration of disputes, dissolution, and liquidation.

Section 1. That the provision for arbitration of disputes is when one partner is having
secret profits. Partnership is clearly declared that the profits should be equally
distributed.

Section 2. That the provision for dissolution is when one existing partner die. He/she
can be no longer be a partner in a firm.

Section 3. That the provision for liquidation must be compulsory decided to what the
partnership will discussed and the partners should be aware to the liabilities of the
company.