- Statute
- Philippine Civil Code
- Article
- Art. 1851
- Topic
- Limited Partnership
- Status
- In force
- Book
- BOOK IV Obligations and Contracts
- Title
- TITLE IX PARTNERSHIP
- Chapter
- CHAPTER 4 Limited Partnership
- Year
- 1949
- Cited by
- A Supreme Court decision
The provision
A limited partner shall have the same rights as a general partner to: (1) Have the partnership books kept at the principal place of business of the partnership, and at a reasonable hour to inspect and copy any of them; (2) Have on demand true and full information of all things affecting the partnership, and a formal account of partnership affairs whenever circumstances render it just and reasonable; and (3) Have dissolution and winding up by decree of court. A limited partner shall have the right to receive a share of the profits or other compensation by way of income, and to the return of his contribution as provided in articles 1856 and 1857.
Intellegal Wiki · In plain terms
A limited partner enjoys the same rights as a general partner to have the books kept at the main office and to inspect and copy them, to demand full information and a formal accounting when fair, and to seek court-ordered dissolution and winding up. He is also entitled to his share of profits or income and to the return of his contribution.
An editorially maintained plain-language explanation of this provision — not legal advice.
Cases applying this article
- La Yebana v. Julio L. Valenzuela G.R. No. 45413