Articles of Partnership

ARTICLES OF PARTNERSHIP

A partnership may be constituted orally or in writing. In the latter case, partnership agreements are embodied in the Articles of Partnership. The following essential provisions may be contained in the agreement.

1. The partnership name, nature, purpose and location;

2. The names, citizenship and residences of the partners;

3. The date of formation and the duration of the partnership;

4. The capital contribution of each partner, the procedure for valuing non-cash investments, treatment of excess contribution (as capital or as loan) and the penalties for a partner's failure to invest and maintain the agreed capital;

5. The rights and duties of each partner;

6. The accounting period to be adopted, the nature of accounting records, financial statements and audits by independent public accountants;

7. The method of sharing profit or loss, frequency of income measurement and distribution, including any provisions for the recognition of differences in contributions;

8. The drawings or salaries to be allowed to partners;

9. The provision for arbitration of disputes, dissolution, and liquidation.

SEC REGISTRATION

To register a partnership with the SEC, here are the basic steps to follow:

1. Have your proposed business name verified in the verification unit of SEC;

2. Submit the following documents:

a. Articles of Partnership

b. Verification Slip for the Business Name

c. Written undertaking to change business name if required

d. Tax identification number of each partner and/or that of the partnership

e. Registration data sheet for partnership duly accomplished in six copies

f. Other documents that may be required

3. Pay the registration/filling and miscellaneous fees;

4. Forward documents to the SEC Commissioner for signature.

Yearly Gain of up to US$1.837 billion for New7Wonders of Nature Winner says Korean Economic Study

BY EAMONN FITZGERALD ON MAY 24, 2011 IN JEJU ISLAND

Zurich/Switzerland, 24 May 2011: Korea's Jeju Island could benefit by between US$895 million to US$1.837 billion a year if it is named one of the New7Wonders of Nature, according to an in-depth