What is a Joint Account?

What is a Joint Account?

A Joint Account is a transaction between or among merchants where said merchants agree to contribute an agreed amount of capital, and participate in the favorable or unfavorable results thereof in the proportion they may undermine.

           

Joint Account	Partnership
1) No firm name	Has a firm name
2) No common fund	Has common fund
3) No juridical personality	Has juridical personality
4) Only ostensible partner liable to third persons	All general partners liable to third persons
5) Only ostensible partner manages	All general partners manage
6) Liquidation done by ostensible partner	Liquidation entrusted to any partner/s