Practice question
A contributes money and B undertakes to contribute industry to a common business fund, intending to divide profits. B says lack of a cash contribution alone makes partnership impossible. Which is best?
- Cash is mandatory for every partner
- Only a corporation can receive industry
- Only property may be contributed
- Industry is a recognized contribution under Article 1767
- Profit intention is legally irrelevant
Legal references
- Civil Code, Article 1767: https://lawphil.net/statutes/repacts/ra1949/ra_386_1949.html
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