Problem
Partnership Law [Philippines]
Partnership Profit
1. Who decides whether the partnership profit can be distributed?
2. If vote is needed, how many votes are required?
3. How will the profit be distributed, will it be based on capital contribution?
Transfer of Interest or Sale of interest
1. Can a partner sell his 'interest to a third party?' what is/are the condition/s?
2. Will the buyer become a partner?
3. What would be the right of the buyer? Should he buy the "interest of a partner?"
4. Will the buyer of the interest be given the right to vote in the decision-making process?
5. If a partner sell his "interest without the approval of the other partner, will the transfer be valid or void?
6. Will the transfer affect the existence of the partnership, as it will dissolve the partnership?