This case has been cited 2 times or more.
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2015-02-23 |
SERENO, C.J. |
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| A joint venture is an association of companies jointly undertaking a commercial endeavor, with all of them contributing assets and sharing risks, profits, and losses.[118] It is hardly distinguishable from a partnership considering that their elements are similar and, thus, generally governed by the law on partnership.[119] | |||||
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2010-03-03 |
NACHURA, J. |
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| A partnership exists when two or more persons agree to place their money, effects, labor, and skill in lawful commerce or business, with the understanding that there shall be a proportionate sharing of the profits and losses among them. A contract of partnership is defined by the Civil Code as one where 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.[12] | |||||