P.R. Laws tit. 10, § 1347
As a general rule, partnerships and civil corporations shall be established under any of the following forms:
(1) As a general partnership in which all the partners collectively, and under a firm name, bind themselves to share the same rights and obligations in the proportion they may establish.
(2) As special partnerships in which one or several persons contribute a specific amount of capital to the common fund, to share in the results of the firm’s transactions carried out exclusively by others under a collective name.
(3) As a limited partnership regulated by a special law, in which the partners shall be liable for corporate liabilities with their payment or in which they shall be bound to contribute to the company or partnership. In the case of professional partnerships, the limited liability of each partner, shall not be extended to the obligations arising from the exercise of the profession.
Partnerships may also be established in corporate form in accordance with the special law expressly authorizing it.
History —Commerce Code, 1932, § 101; Aug. 20, 1996, No. 154, § 9.