Contract of Partnership

Partnership Agreement
THIS AGREEMENT made as of November 20, 2019 between, of Sitio Iba, Brgy.
Papaya, Nasugbu, Batangas.
WHEREAS the parties hereto are desirous of entering into a partnership with one
another concerning a business of Transporting Tourist to Papaya Island, Nasugbu,
Batangas
NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the

mutual covenants and agreements herein contained and subject to the terms and
conditions hereafter set out, the parties hereto agree as follows:
1. Business and Name. From and after the date of this Agreement, the partners
agree to carry on the Business in partnership with one another as equal partners
under the name “MA-BUHAY TRANSPORT".
2. Capital Contribution. will invest One Hundred Thousand Pesos (P100,000.00)

for the construction of the Tourist Boat Transport while SPS. RODERICK and
ANA A. BUHAY will be responsible to find and facilitate the construction of the
Tourist Boat Transport.
3. Obligation. After the construction of the Tourist Boat Transport, SPS.

RODERICK and ANA A. BUHAY will operate, manage and use the said Tourist
Transport Boat for profit. SPS. RODERICK and ANA A. BUHAY will reimburse first
the total Capital Contribution made by to the partnership.
4. Profits, Losses. The net profits of the Partnership shall belong to the partners
in a 60%-40% agreement. SPS. RODERICK and ANA A. BUHAY will be entitled to
the 60% of profit while will be entitled to the 40% of the profit. All expenses
incurred in the course of the Partnership and any losses arising therefrom shall
be borne out of the earnings of the Partnership, or in the case of a deficiency,
the losses shall be paid by the partners in equal shares from the share of their
profit.
5. Accounting. Proper accounts shall be kept of all transactions of the Partnership

and at the end of each year or so soon thereafter as possible a statement shall
be made out showing the income and expenses of the Partnership for the past
year, and what belongs and is due to each of the partners as his share of the
profits.
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6. Prohibited Acts. No partner shall, without the consent in writing of the other,
do any of the following things, namely:
(a) Be engaged directly or indirectly, or be connected with any trade or

business other than the Business;
(b) Assign all or any part of his or her interest in the Partnership, or introduce
or attempt to introduce any other person into the Partnership, without the
authority of the other partner;
(c) Borrow money, endorse any notes or become security for any other
person in the name of the Partnership;
(d) Contract on behalf of the Partnership without the consent of the other
partner;
(e) Order or contract for any goods or article without the knowledge of the
other partners;
(f) Employ any money or effects belonging to the Partnership, or engage its
credit, except on account of the Partnership and for the bona fide
purposes of carrying on the Business, or do or suffer anything whereby
any such money or effects, or the interest of such partner therein, may be
taken in execution or in any wise assigned, charged or encumbered for or
in respect of his private debts; or
(g) Make, draw, accept, sign, or endorse any bill of exchange, draft,
promissory note, or contract any debt on account or in the name of the
Partnership, or in any manner pledge the credit of the Partnership, except
in the usual and regular course of business.
7. Termination of Partnership. Any party can ask for the termination of the
Partnership without the consent of the other party or through any other ground
for termination as provided by the Civil Code of the Philippines. Upon the
termination of the Partnership the assets of the Partnership shall be realized and
applied first in payment of the debts and liabilities of the Partnership and any
surplus shall be divided equally between the partners.
8. General. If at any time during the term of this Agreement the partners shall
deem it necessary or expedient to make any alteration in any article, clause,
matter or thing herein contained they may do so by a writing signed by them
and endorsed on these articles, and all such alterations shall be adhered to and
have the same force and effect as if they had been originally embodied in and
Page 3
formed part of this Agreement. This Agreement shall enure to the benefit of and
be binding upon the respective heirs, executors, administrators and assigns of
each of the parties hereto. This Agreement shall be governed by and construed
in accordance with the laws of the Philippines.
IN WITNESS WHEREOF, we have hereunto affixed our signature this ____ day of
November 2019 at _______________, Philippines.
Partners:
SUBSCRIBED AND SWORN to before me this _____ day of November 2019 at

______ City, Philippines. I hereby certify that I have personally examined the affiant
and I am satisfied that she has voluntarily executed and understood her affidavit.

Contract of Partnership

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Contract of Partnership

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Partnership Agreement

NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the

2. Capital Contribution. will invest One Hundred Thousand Pesos (P100,000.00)

3. Obligation. After the construction of the Tourist Boat Transport, SPS.

5. Accounting. Proper accounts shall be kept of all transactions of the Partnership

(a) Be engaged directly or indirectly, or be connected with any trade or

SUBSCRIBED AND SWORN to before me this _____ day of November 2019 at

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