The Philippine Civil Code defines partnership as:
Art. 1767. 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.
In the same manner, two or more persons may also form a partnership for the exercise of a profession.
Here are the requirements and step-by-step process when registering your business partnership at the Securities and Exchange Commission (SEC):
- Basic Requirements:
- Cover Sheet
- Reservation Payment Confirmation
- Articles of Partnership (AP)
- Joint Undertaking to Change Name
- Documentary Requirements:
- Name Verification Slip
- Articles of Partnership (AP); and
- Joint Affidavit of Two Partners to change partnership name (not required if already stated in AP).
- Additional Requirements:
- Endorsement/clearance from other government agencies, if applicable.
- For partnership with foreign national as partner
- FIA Form – 105
- How to avail the service:
Step 1: Verify or reserve your proposed name – Php 100.00/reservation for 30 days.
Step 2: Present Articles of Incorporation and By-laws. – The filing fee is 1/5 of the 1% of the Partnership’s capital but not less than Php 2,000.00 plus 1% of the amount as legal research fee.
Step 3: Pay filing fee at the Cashier and file the application at the Receiving Unit.
Step 4: Present the official receipt at the Releasing Unit and then get the Certificate of Recording of the Articles of Partnership.