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TANCA GROCERY STORE
ARTICLE IV. That the term for which said partnership is to exist is at will of the
partners.
ARTICLE V. That the purpose for which said partnership is formed is to trade
grocery goods or items to the public and derive profit from it.
ARTICLE VI. That the capital of the partnership shall be four hundred thousand,
Philippine Currency contributed in cash by the partners as follows:
That no transfer which will reduce the ownership of Filipino citizens to less
than the required percentage of capital shall be recorded in the proper books of
the partnership.
ARTICLE VII. That the profits and losses shall be divided among the partners by
the following:
Name Percentage
Judy Ann G. Ngarangad 35% + salary of P 5,000.00 per month
Ruth D. Calacala 30%
Ryan M. Arban 25%
Cheryl Ivy Ambrosio 10%
ARTICLE VIII. That the rights and duties of each partner are as follows:
ARTICLE IX. That the conditions under which the partners may withdraw money
or other assets are as follows:
ARTICLE X. That the books of the partnership are to be kept at its principal office
at #143 Pabebe St., Centro East, Santiago City, Isabela.
ARTICLE XI. That the causes of dissolution of the partnership are as follows:
1. By the express will of all the partners who have not assigned their
interest or suffered their to be charged for their separated debts either
before or after the termination of any specified form or particular
undertaking
2. By death of a partner
3. By the bankruptcy of any partner of the partnership
4. Prolonged illness or incapacitation of a partner
5. By any event which makes it unlawful for the business of the partnership
to be carried on or for the members to carry it on in partnership.
IN WITNESS WHEREOF, we have hereunto set our hands this 29th day of February,
2016 at Santiago City, Philippines.