Articles of Partnership

May 9, 2018 | Author: Aleizel Santos | Category: Depreciation, Partnership, Expense, Fixed Asset, Financial Accounting
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ARTICLES OF PARTNERSHIP Of JMK Construction Enterprise KNOW ALL MEN BY THESE PRESENTS: That we, undersigned, of a legal age, citizens and resident of the Philippines, have this day voluntarily bind ourselves together for the purpose of forming a partnership, effective as of this date, under the terms and conditions herein after set forth, and subject to the requirements of existing laws of the Republic of the Philippines. AND WE HEREBY CERTIFY: I That the names and addresses of the respective partners are as follows: Name


Jason Esguerra

85B Casimiro Avenue, Casimiro Village, LPC

Kevin Duenas

23 Dama de Noche St., Marulas, Valenzuela City

Briccio Maristela

B55 L32 San Miguel Subdivision Manila


That the name of this partnership shall be JMK Enterprise and it shall exist for TEN (10) years from the execution of this instrument, unless the partners mutually agree in writing to a shorter period. Should the partnership be terminated by unanimous vote, the assets and cash of the partnership shall be used to pay all creditors, with the remaining amounts to be distributed to the partners according to their proportionate share.

III That the capital of this partnership shall be ONE MILLION PESOS (P1,000,000), Philippine Currency, broken down, in contributions, as follows: Name of Partner Contribution Jason Esguerra

P 600,000

Kevin Duenas

P 350,000

Briccio Martin Maristela

P 50,000

The partnership shall maintain a capital account record for each partner; should any partner's capital account fall below the agreed to amount, then that partner shall (1) have his share of partnership profits then due and payable applied instead to his capital account; and (2) pay any deficiency to the partnership if his share of partnership profits is not yet due and payable or, if it is, his share is insufficient to cancel the deficiency.


That the purpose(s) for which this partnership is established (is/are) as follows: to engage in and carry on all construction materials, to buy or acquire, hold, import or otherwise dispose any kind of construction materials such as but not limited to 5. The partners shall provide their full-time services and best efforts on behalf of the partnership. No partner shall receive a salary for services rendered to the partnership. Each partner shall have equal rights to manage and control the partnership and its business. Should there be differences between the partners concerning ordinary business matters, a decision shall be made by unanimous vote. It is understood that the partners may elect one of the partners to conduct the day-to-day bussiness of the partnership; however, no partner shall be able to bind the partnership by act or contract to any liability exceeding Pesos: Five Hundred Thousand Pesos (P500,000.00), Philippine Currency, without the prior written consent of each partner. 6. That the profits and losses shall be divided among the partners pro rata, in proportion to their respective contributions. 7. In the event a partner withdraws or retires from the partnership for any reason, including death, the remaining partners may continue to operate the partnership using the same name. A withdrawing partner shall be obligated to give Five (5) days' prior written notice of (his/her) intention to withdraw or retire and shall be obligated to sell (his/her) interest in the partnership.

8. No partner shall transfer interest in the partnership to any other party without the written consent of the remaining partner(s). The remaining partner(s) shall pay the withdrawing or retiring partner, or to the legal representative of the deceased or disabled partner, the value of his interest in the partnership, or (a) the sum of his capital account, (b) any unpaid loans due him, (c) his proportionate share of accrued net profits remaining undistributed in his capital account, and (d) his interest in any prior agreed appreciation in the value of the partnership property over its book value. No value for good will shall be included in determining the value of the partner's interest. 9. A partner who retires or withdraws from the partnership shall not directly or indirectly engage in a business which is or which would be competitive with the existing or then anticipated business of the partnership for a period of Five(5) years within the City/Province of Manila where the partnership is currently doing or planning to do business. IN WITNESS WHEREOF, we have hereunto set our hands this Articles of Partnership at Manila, Philippines  ______________  ___________________ _____

_____________ ____________________ _______

Jason Esguerra

Briccio Martin Maristela

SIGNED IN THE PRESENCE OF:  _______________  _____________________ ______________ _______________  _______  Atty. Lyla Valdez

______________ _______________  _  Kevin Duenas

 _____JMK Enterprise Income Statement For the Year Ended December 31, 2011


Sales Less: Sales Returns and Allowances

Less: Cost of Sales Finished Goods Inventory, Beginning Add: Purchases (net of purchase purchase discounts, purchase purchase returns and allowances) Total Goods Available for Sale Less: Finished Goods Inventory, End Gross Profit:


Bad Debts Expense Depreciation Expense (Note 1) Salaries and Allowances Light and Water Taxes and Licenses Supplies Insurance Repairs and Maintenance Net Profit:

Note 1:

Depreciation Expense-Furniture Depreciation Expense-Building Depreciation Expense-Office Equipment Total

Balance Sheet For the Year Ended December 31, 2011 Current Assets:

Cash Accounts Receivable Less: Allowance for Bad Debts Prepaid Expense Supplies Inventory Notes Receivable Total Current Assets

Fixed Assets:

Building Less: Accumulated Depreciation Furniture Less: Accumulated Depreciation Equipment Less: Accumulated Depreciation Total Fixed Assets

Total Assets

Liabilities and Capital Current Liabilities:

Accounts Payable Notes Payable Total Liabities


De Guzman, Capital Fernandez, Capital Total Capital

Total Liabilities and Capital

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