KINDS OF PARTNERSHIP

As to Activity
a. Trading partnership one whose main activity is the manufacture or the
purchase and sale of goods.
b. Nontrading partnership one organized for the purpose of rendering services.
As to Liability of Partners
a. General Co-partnership one consisting of general partners who are liable
prorata and sometimes solidarily with their separate property for partnership
debts.
b. Limited partnership one formed by two or more persons having as members
one or more general partners and one or more limited partners, who as such
are not bound by the obligations of the partnership. The word LIMITED or
LTD is added to the name of a partnership to inform the public that it is a
limited partnership.
As to Object
a. Universal partnership
1. Universal partnership of all present property one in which the partners
contribute all the properties which actually belong to each of them, at the
time of the constitution of the partnership, to a common fund with the
intention of dividing the profits among themselves as well as the profits
which they may acquire therewith.
All assets contributed to the partnership and subsequent acquisitions
become common partnership assets.
2. Universal partnership of all profit one which comprises all that the
partners may acquire by their industry or work during the existence of the
partnership and the usufruct of movable property or immovable property
which each of the partners may possess at the time of the institution of
the contract.
Partnership assets consist of assets acquired during the life of the
partnership and only the usufruct or use of assets contributed at the time
of partnership formation. The original movable or immovable property
contributed do not become common partnership assets.
b. Particular Partnership one which has for its object determinate things, their
use or fruits, or a specific undertaking or the exercise of a profession or
vocation.

As to Duration
a. Partnership at will one for which no time is specified and is not formed for a
particular undertaking or venture and which may be terminated any time by
mutual agreement of the partners or by the will of one alone.
b. Partnership with a fixed term one in which the term or period for which the
partnership is to exist is agreed upon or one formed for a particular
undertaking and upon the expiration of that term or completion of the
particular undertaking, the partnership is dissolved unless continued by
partners.
As to Representation to Others
a. Ordinary partnership one which actually exists among the partners and also
as to third persons.
b. Partnership by estoppel one which in reality is not a partnership but is
considered a partnership only in relation to those who by their conduct or
omission are precluded to deny or disprove the partnerships existence.
As to Legality of Existence
a. De jure partnership one which has complied with all the requirements for its
establishment.
b. De facto partnership one which has failed to comply with one or more of the
legal requirements for its establishment.
As to Publicity
a. Secret partnership one wherein the existence of certain persons as partners
is not made known to the public by any of the partners.
b. Open partnership one wherein the existence of certain persons as partners
is made known to the public by the members of the firm.

CLASSES OF PARTNERS
As to Contribution
a. Capitalist partner one who contributes capital in the form of money or
property.
b. Industrial partner one who contributes industry, labor, talent, skills or
service.
c. Capitalist-industrial partner one who contributes money, property and
industry.
As to Liability
a. General partner one whose liability to third persons extends to his separate
property.
b. Limited partner one whose liability to third persons is limited only to the
extent of his capital contribution into the partnership.
As to Management
a. Managing partner one who manages actively the business of the
partnership.
b. Silent partner one who does not participate in the management of the
partnership affairs.
Other Classifications
a. Liquidating partner one who takes charge of the winding up of partnership
affairs upon dissolution.
b. Nominal partner one who is not really a partner, not being a party to the
partnership agreement, but is made liable as a partner for the protection of
innocent third persons.
c. Ostensible partner one who takes active part in the management of the firm
and is known to the public as a partner in the business.
d. Secret partner one who takes active part in the management of the
business but whose connection with the partnership is concealed or unknown
to the public.
e. Dormant partner one who does not take active part in the management of
the business and is not known to the public as a partner, he is both a silent
and a secret partner.

Reference:
Baysa, Gloria & Lupisan, M. A. (2010) Accounting for Partnership and Corporation.