Change of Name of a Partnership

September 19, 1958 BIR RULING NO. 529-58 Aaron Go & Co. (Thomson Shirt Factory) 488 Juan Luna St., Manila Gentlemen : In reply to your letter dated September 11, 1958, I have the honor to inform you as follows: cdpr 1. Should that partnership change its name from Aaron Go & Co. to Tiu Tai & Co., amending its Articles of Partnership for the purpose, it is not necessary for it to secure a new privilege tax-receipt. The mere change of name will not give rise to a new partnership. However, this Office must be duly informed of such change. 2. Inasmuch that the change of name does not give rise to a new partnership, the books of accounts duly registered under the previous name may be continued to be used. The use of invoices previously registered under the old name will not, however, appear proper considering that the name of the partnership appearing therein does not any longer reflect the true and correct name. Should you desire to use the invoices registered under the old name, you must superimpose thereon the new partnership name; or if this cannot legibly be made, you must cancel the old name and stamp thereon the new name. 3. Every branch establishment must keep such books and records as would clearly reflect all the transactions effected therein. (Sec. 20, Rev. Regulations No. V-1). 4. A partnership has a distinct personality from its members. The tax liability of a partnership is not the personal liability of the partnership although, in case of inability of the partnership to pay, the general partners can be held solidarily liable therefor. As a rule, the assignee of a partner's interest succeeds to all the interests of the old partner in the partnership. The personal tax liability of an individual partners is not assignable. If by reason of contract, an assignee agreed to assume the tax liability of the assignor, the latter remains liable therefor should the assignee fails to make settlement. prcd Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue