Understanding Partnerships and Corporations: Key Legal Aspects
Key Legal Aspects of Partnerships and Corporations
Formation and Contributions
1. For there to be a corporation:
It is necessary that all partners make a contribution.
2. Call external companies:
A society with legal personality.
3. The purpose of the partnership agreement:
Are the contributions made by partners.
4. Contributions of the partnership agreement:
May consist in giving, doing, or not doing anything.
Types of Partnerships and Liabilities
5. The contract participation accounts:
It is purely a domestic
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The Contract
A contract requires three factors: There is an agreement between two or more parties. The agreement concerns a matter or thing, the obligation of which is determined. The contract generates a legally enforceable obligation between the parties.
Effects of Contracts
The contract requires contractors from the time of perfection. From the time of the agreement, it is due to be fulfilled. Contractors must act in good faith. If not fulfilled in all its terms, it is binding on the contractors
Read MoreLimited Partnerships and Participation Accounts in Business
Limited Partnerships: Concept and Types of Partners
A limited partnership is a type of partnership used for exercising a commercial activity. It is characterized by the coexistence of two types of partners: general partners and limited partners. General partners have unlimited liability for the debts, while limited partners have a limited response. The personal character is more pronounced in the general partners than in the limited partners. The limited partnership is governed by Arts. 145-150 BCC.
Read MoreUnderstanding Exchange Acts: Draft, Acceptance, Endorsement, and Aval
Exchange Acts: Key Concepts and Operations
Draft Issue
- It is the act of creating the security.
- Characters: Drawer, Taker, and Drawee.
- “Drawee” exists only in money orders, such as bills of exchange, checks, and duplicates.
Acceptance
- Concept: The act by which the drawee agrees to comply with the payment order given by the drawer.
- It is an act in existing “orders” like bills of exchange, checks, and duplicates.
- There is no acceptance if the title is due at sight.
- There is the “promise to pay” in a promissory
Understanding Current Accounts, Checks, and Deposits
Current Account Basics
Current account: This is an irregular deposit contract, with an additional service agreement provided by the cash custodian.
Irregular deposit: The depositary (receiver) acquires ownership of the deposited item and promises to return to the depositor at the contract’s maturity, either the same item or its equivalent value.
Check Information
Cheque: Mentions in the clauses of this check passed for payment by: Al carrier, on behalf of a particular person with clause <<not
Read MoreSecure Payment Methods in Sales Transactions
In a sale-purchase obligation, the major involved parties (seller-buyer) are obligated as follows: the seller delivers the goods, and the buyer pays the price. Payment can be made as agreed between the parties:
Down Payment
This is a form of immediate delivery, typically in cash (banknotes, legal tender, coins, etc.).
Payment on Credit
This is done at a time or deadline posterior to the goods’ delivery, as agreed upon between the parties. As a rule, the price of the merchandise undergoes a small increase
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