It is a contract oF two or tore persons who bind themselves (o contribule money, property, or industy to a common fund, with the intention of dividing the profits among themselves. It may also be formed by two or more Persons for the exercise of a cammon profession ® SUM Arey Contract of Partnership ©. Contract of Co-ownership 4. Contract of Sale ‘The following sr the characteristics of a contract of partnership, except ; - * [Camsenswal]- is perfected mee cecatat excep in case ral property is contributed hat reguies ceiin srmality For validity b. Principal — Tr does aot depend. ‘other cootract for its validity or existence. © Biluteral or Multilateral — I it enterod iste By two oF more persans whose rights and obligations are reciprocal. 4. Nominate — It has @ special name given to it by law. . . * Preperaiory [tis sans by ick cver contacts will be eotered into as the paripership pursuss its business £. Omerous — The partners contribute money, property or industry to a common fund with the intention of dividing profits among themselves except in case of universal partnership which is a gratuitous contract. G@ Accessory ~ Its existence is dependent upon a principal contract. ‘The following are the essential requisites of partnership, except fa Thre must bea valid pertcrabip contract, orey{fatiegs b. There must be a mutual contribution of money, property or industry to a common fund &. Itmust have a lawfvl object or purpose d. The partnership must be established foe the common benefit or interest of the partners which is ta obtain Breit and odie te profits enone te prs e artperakip one ba registered inthe SEP. mone rataby ete bn Fe, When. an. male ful srahip is dissolved by a judicial decree, to whom shall the partnership profits go? a TS partner. To the guilty pannes cc. Toall the partners pro-rata. G@® To the state Which of the follewing statements concerning gssociations and societies, whose articles are kept secret among the members, and wherein any one of the members may contract in his own taine with third persons is correet? They shall have separate juridical personality. by They shall be treated as corporation, They shall be treated a2 a partnership. Ta tail be woverned bythe ues on co-owmerhip, +70 “pwidtal enkly 1. ‘The following statements concerning partnership are correct, except ‘a Partnership is « juridical entity which has a personality separate and distinct from that of exch of the bb. There must be jotentto form a partnership, fc, There is fiduciary relation among partners, fipmoal /Saltey Sewtra 4B) All partnership contracts are consensutl. (yam je It is a principle which means thet » partner hns right to choase thase whom he wants to be associated with the Te os peo Pastarip Sy iclaly (jake pmetron- Deletus militas a aso © Dilms usu Arcee lay ape pete Oe! id, Deletos fructus as“ following statements pertaining tothe forma of emir of parte ship aru corre except Property acquired by inheriange, Iexcy orconeton at she formation i he ip i tipelated 21 This isa. sp wry SPR ely TRE ffm my we yt dus the existence of the partnership. swork aF industry a. Universal ipof all present preperty (B Universal partnership of profits. Particular partnership 4. General professional partnership pesal . i tut belong to dhe comuson fond in a universal partnership of peofits, 22 Thesiger sl i a ae masts Poe porn. b, The Niufmict oc ise of e-pmopsrty belonglag to each partner af the time af the stitution of the » FE ven pint é Pe eee and is, stipulated, ofthe property aoqured by ash paint afer he consinton of ie oat i ‘se ( Profits acquired by she witout on of pbysical or intelectual efforts, such as ‘Soqutned by chance of iuraive tle ipa. by afiseslasirch ? as to ME Me. What ball bal its i : bic cared tio whl Baton a eniversel partnership of all present property, “&b Tena universal parmersbip of praise eager tryirstaen oe ght tis a general professional partnership. ccamnot enter into 4 universal partuaeship but can enter into « particular parmersiip, a! Partnership It is @ partnership where all the pacrevs ere lithie to the extent of their separate property after the parmership assets have beer exhausto’ Gaara’ Rackership Lil ay 1b Iisa parsership where there Fsat least ene genet} partner who is liable up wo the extent of his stparate Assets and af least one limited pavtmet who is hable upto the extent of his investment in the t «IN ise parorabip wich actually exits ameng the yarmcrs wa wel sso tied pers to doe Oedomey/ Red AB this a partnership which in reality ts not parmnersip bur is considered 4s oae with respect to these who, by f_' reason of their conduct of admission, are precluded, from denying its existence. 27. Which of the following statements pertains tc general professional partnership? . a. his a partnership which is established by the lapsing of time. oy howe b. Wiss partnership that exists both in fact and in jaw, De- Ture a & Iris a partnership that exists in foct but nor in law. De, Faohe 4. Wis a permership that is taxable like a corporarioa in so far as QD Wnis a partnership that is evempted from meome tax.- GPO ¢ tax is concer. Coppel Baines Caer tales 28. Which of the following statements perrains to partuerahip at will? & Iris cae for whieh & period far its duraticn is fixed by the parmers. Pach. Ley Pixel tee, bs Its one which is organized for a cerin undersiing which, when attuned, will cause the termination of the parmership. Power packuler under tehng & Ris one where no period is ‘by the paaties for its duration. 29. Which of the following stmements pertains to » grverabimbted partner? | He is on¢ wha is liable for partne-ship debts to the extent of his separate property after all the: riba) Partnership have bees exhausted. Gen. lorbnee + Jb He his coe who is liable far parmershp dente to the exted of his capital contribution only. in Hed Feeley He is coe who bas wll ch and powers and is svhject i all the restrictions of a general partner, Skeep! Cut, ih respect i» his comibution., he shall have the rights against the other members which he ‘would have had if e were not also s peneval parmet 30. Which of the fcllowiag ctremenes Perai Ww a capitalit-imdvsteial parmor? a. He is one who contibutes money er property to tbe common fund. Cop At perteae (pertlimabay) b.. He is one who continues his se ices er industry to the partnership Iyclericl — ~ edintgs oy gemond potty) 2) Hi is one wie cont ibuies 201 only money or propery it alsahis secviees to che partnership, 31 Whleh fhe folowing strict pects pte arene? a. He manages the ousiness or affairs of the Manag bb He takes charge of tic winder 9p cath offre of so purer p tes He is not serully ¢ partuer ut wo may borviee Lisle ase he LD Ho is ove who is ave is asogemen cFramecin bore et A by alloaing his amet Be cloned ashe ome role 32. Which of the following staferaents pertine te dorsnapt partner? 8. He isone whore consecon withthe pastteshi she from the public, Secret b. He is one who hes ua voice inthe mandgercent of the business. el ped (© He is who does not participae in tt pater 44 Hie is ons who is oo longer a pasner of tinoes bu hs Ett his apie in the business roocivenatrest oO HS MT ae oun ns sa TT maa pee “oe @ sy, scat towns peas eat dd parce? 8. Heis ane who decides t are the pactnorshin aftr ranch the age of retirement, wi ed 4 an enti atte chip and whe i Hats as listed parnter to existing ‘ole my a Rencrsl prmaer #9 new liabilities of