The topics below may be relevant to your daily activities, especially those which involve business law, labor law, and other legal areas of your business.
Business Law and Labor Law Updates
WHAT IS A GENERAL PARTNERSHIP?
General partnership is one which has no limited partner
In general partnership, business partners share unlimited liability for the debts and obligation of the partnership
A general partner may contribute services, cash, or property to the partnership
IMPLIED WARRANTY IN A CONTRACT OF SALE
In a contract of sale, the vendor is bound to deliver the thing that is the object of the sale
The vendor is responsible for warranty against the hidden defects
A complaint for breach of implied warranty must be timely filed
PROSECUTION OF MONEY LAUNDERING
Money laundering is any act or attempted act to conceal or disguise the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources.
Any person may be charged with and convicted of both the offense of money laundering and the unlawful activity.
The prosecution of any offense or violation under the Act shall proceed independently of any proceeding relating to the unlawful activity.
SALE BEFORE PARTITION OF A CO-OWNED PROPERTY
A co-owner has an absolute ownership of his undivided share in the co-owned property
No individual can claim title to a definite or concrete portion before partition of a co-owned property
A co-owner can sell his or her share even before partition
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