Partnership vs. Joint Venture | 30 August 2024

By the contract of partnership two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves. (Article 1767, New Civil Code)

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Alburo Law
August 30, 2024

By the contract of partnership two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves. (Article 1767, New Civil Code)

Joint venture is defined as an association of persons or companies jointly undertaking some commercial enterprise; generally all contribute assets and share risks. It requires a community of interest in the performance of the subject matter, a right to direct and govern the policy in connection therewith, and duty, which may be altered by agreement to share both in profit and losses. (Kilosbayan, Inc. vs. Teofisto Guingona, G.R. No. 113375, May 5, 1994)

According to the Civil Code, property acquired before marriage remains the exclusive property of the individual, unless proven otherwise. The presumption of conjugal ownership only applies to property acquired during the marriage. Since Lani admitted the property was bought before the marriage and was purchased with Stephen’s personal funds, she could not claim it as conjugal.

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