Owned by two or more persons calledpartners who contribute money,

propertyand talent into a common fund-Purpose is to share profits among

thepartners-They signed an agreement-No maximum number of persons -Juridical Person
(has its own personalityunder the law)-Delectus Personae (partnership is based ontrust
and confidence. Being a partner ispersonal in nature. Examples: professional firms
such as auditingfirm, law firm2 TYPES OF
PARTNERSHIP:GeneralLimitedADVANTAGES:-Easy to manage and attract clients-More
efficient because of division ofresponsibilities-Additional source of income-Registered
to Securities and ExchangeCommission (SEC) but less requirements-General