ARTICLES OF PARTNERSHIP

Of
TANCA GROCERY STORE

KNOW ALL MEN BY THESE PRESENTS:

That we, the undersigned, all of legal age and residents of the Republic of the
Philippines have agreed to amend a limited partnership under the terms and conditions
herein set forth and subject to the provisions of existing laws of the Republic of the
Philippines.
AND WE HEREBY CERTIFY:
ARTICLE I. That the name of the partnership shall be TANCA Grocery Store.
ARTICLE II. That the principal office of the Partnership shall be located at #143
Pabebe St., Centro East, Santiago City, Isabela.
ARTICLE III. That the names, citizenship, residence and designation of the
partners of said partnership are as follows:
Name Citizenship Address Class of Partner
Judy Ann G. Ngarangad Filipino Santiago City, Isabela General Partner
Ruth D. Calacala Filipino Jones, Isabela General Partner
Ryan M. Arban Filipino Santiago City, Isabela General Partner
Cheryl Ivy Ambrosio Filipino San Guillermo, Isabela General Partner

ARTICLE IV. That the term for which said partnership is to exist is at will of the
partners.
ARTICLE V. That the purpose for which said partnership is formed is to trade
grocery goods or items to the public and derive profit from it.
ARTICLE VI. That the capital of the partnership shall be four hundred thousand,
Philippine Currency contributed in cash by the partners as follows:

Name Amount Contributed

Judy Ann G. Ngarangad P 150,000.00
Ruth D. Calacala P 100,000.00
Ryan M. Arban P 90,000.00
Cheryl Ivy Ambrosio P 60,000.00

That no transfer which will reduce the ownership of Filipino citizens to less
than the required percentage of capital shall be recorded in the proper books of
the partnership.
 ARTICLE VII. That the profits and losses shall be divided among the partners by
the following:

Name Percentage
Judy Ann G. Ngarangad 35% + salary of P 5,000.00 per month
Ruth D. Calacala 30%
Ryan M. Arban 25%
Cheryl Ivy Ambrosio 10%

ARTICLE VIII. That the rights and duties of each partner are as follows:

1. To associate another person with him in his share.

2. To have an access to and inspect and copy the partnership books at
reasonable hours.
3. A partner is co-owner with his partners.
4. To act with outmost good faith in his relations with his co-partners.
5. To render true account and full information of all things affecting the
partnership to any partner or his legal representatives.
6. To refrain from competing with the firm. Where a partner, without the
consent of his co-partners, carries on competing business, he must
account for and pay over to the firm all profit made by him in that
business.
7. To account to the firm for any benefit derived by him without the consent
of the partnership, or from any by him of the partnership property, name
or business connections.

ARTICLE IX. That the conditions under which the partners may withdraw money
or other assets are as follows:

1. A partner or partners may withdraw a minimum of P2, 000.00 but not

more than P10, 000.00.
2. A partner or partners can only withdraw once every quarter.
3. A partner or partners must not have an obligation within the partnership
of more than P30, 000.00.

ARTICLE X. That the books of the partnership are to be kept at its principal office
at #143 Pabebe St., Centro East, Santiago City, Isabela.

ARTICLE XI. That the causes of dissolution of the partnership are as follows:
1. By the express will of all the partners who have not assigned their
interest or suffered their to be charged for their separated debts either
before or after the termination of any specified form or particular
undertaking
2. By death of a partner
3. By the bankruptcy of any partner of the partnership
 4. Prolonged illness or incapacitation of a partner
5. By any event which makes it unlawful for the business of the partnership
to be carried on or for the members to carry it on in partnership.

IN WITNESS WHEREOF, we have hereunto set our hands this 29th day of February,
2016 at Santiago City, Philippines.

Ngarangad, Judy Ann G. Arban, Ryan M.

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Calacala, Ruth D. Ambrosio, Cheryl Ivy

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