Question: A, B, C, D, and E decided to form a partnership. They orally agree that all of them will contribute P30,000.00 each for the creation

A, B, C, D, and E decided to form a partnership. They orally agree that all of them will contribute P30,000.00 each for the creation of the partnership. They orally agreed that A and B are the managing partners. They orally agreed also that the partnership existence of the partnership would commence after fourteen (14) months from today to give the other partners sufficient time to prepare for their capital contribution.

What is the status of the partnership?

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