PHILIPPINE FISHING GEAR INDUSTRIES, INC., respondent.

Jun 16th, 2015
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A partnership may be deemed to exist among parties who agree to borrow money to pursue a business and to divide the profits or losses that may arise therefrom, even if it is shown that they have not contributed any capital of their own to a "common fund." Their contribution may be in the form of credit or industry, not necessarily cash or fixed assets

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G.R. No. 136448 November 3, 1999LIM TONG LIM,petitioner,vs.PHILIPPINE FISHING GEAR INDUSTRIES, INC.,respondent.PANGANIBAN,J.:A partnership may be deemed to exist among parties who agree to borrow money to pursue a business and to divide the profits or losses that may arise therefrom, even if it is shown that they have not contributed any capital of their own to a "common fund." Their contribution may be in the form of credit or industry, not necessarily cash or fixed assets. Being partner, they are all liable for debts incurred by or on behalf of the partnership. The liability for a contract entered into on behalf of an unincorporated association or ostensible corporation may lie in a person who may not have directly transacted on its behalf, but reaped benefits from that contract.The CaseIn the Petition for Review onCertioraribefore us, Lim Tong Lim assails the November 26, 1998 Decision of the Court of Appeals in CA-GR CV41477,1which disposed as follows:WHEREFORE, [there being] no reversible error in the appealed decision, the same is hereby affirmed.2The decretal portion of the Quezon City Regional Trial Court (RTC) ruling, which was affirmed by the CA, reads as follows:WHEREFORE, the Court rules:1. That plaintiff is entitled to the writ of preliminary attachment issued by this Court on September 20, 1990;2. That defendants are jointly liable to plaintiff for the following amounts, subject to the modifications as hereinafter made by rea

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