Professional Documents
Culture Documents
5. As to representation to others
a. ORDINARY OR REAL PARTNERSHIP - one which
actually exists among the partners and also as to 3rd
persons
b. OSTENSIBLE OR 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 its existence
6. As to publicity
a. SECRET PARTNERSHIP - one wherein the existence
of certain persons as partners is not avowed or made
known to the public by any of the partners
b. OPEN OF NOTORIOUS PARTNERSHIP - one whose
existence is avowed or made known to the public by
the members of the firm
7. As to purpose
a. COMMERCIAL OR TRADING PARTNERSHIP - one
formed for the transaction of business
b. PROFESSIONAL OR NON TRADING PARTNERSHIP one formed for the exercise of a profession
In a partnership, persons involved are coowners of a business venture and their aim is making
a profit. But in a joint venture, it is not just profit that
binds the parties together. Joint ventures can be
partnership.
property.