A limited partner may assign his interest to another person- True
As a rule, a limited partner shall be liable as a general partner if he allows the use of his surname- True A partner may be limited and general partner at the same time- True A partnership intended to be formed as a limited partnership but without the word “Limited” or “Ltd” – True After dissolution, a partnership is still bound by the act of a partner- True A general partnership is automatically dissolved by reason of insanity of a partner- False The private creditors of a partner shall have preference- True Notice to any partner relating to partnership affairs is notice- True When a partner is not authorized to act for the partnership and the act of the partner is not for apparently- False The partnership shall be solidarily liable with all partners- True A partner may associate another person with him in share- True A newly admitted partner is liable for the partnership debts- True The partnership shall bear the loss of things- True All partners including industrial one shall be liable pro-rata- True An industrial partner can engage in business for himself if it if of a kind- False When a partner has been appointed manager in the articles of partnership- False A stipulation exempting a capitalist partner from losses is valid- False The profits and losses of the partnership shall be divided equally among the partners if they have no profit and loss sharing agreement- False Spouses can validly enter into a particular partnership – True A partnership for a fixed term or a particular undertaking which is continued- True A man and woman living together as husband and wife without the benefit of marriage- False Articles of the universal partnership entered into without specification – False In a universal partnership of profits, property belonging to each partner- True In a universal partnership of all present property, the partners may stipulate- True The sharing of gross returns does not of itself establish- True A partnership whose capital in money or property amounts to P3,000- False A partnership begins from the moment of execution of the contract- True A partnership has a personality separate a distinct- True A limited partner may contribute money and/or property- True An artificial person like a corporation, may be a partner- False Lazarte, a limited partner in Bellevue Company- Lazarte is bound to bring back the partnership the amount of P100,000 plus A limited partner is prohibited on account of his claim against- Transact business with partnership CLEAN Laundry Services Company is a partnership- CLEAN LAUNDRY SERVICES COMPANY and all the partners solidarity A partner is a co-owner with his partners of a specific partnership property- Allows a partner to use such property for partnership purposes. MACK’S restaurant is a partnership- No, because the other partners must give their consent CROWN Enterprises is composed of partners Chuck- Contract II only Braganza, Ortiz and Nevado want to form a partnership- Only Nevado may be appointed as manager Braganza, Ortiz and Nevado want to form a partnership- Either Braganza or Ortiz or both of them Querubin, Roces and Solis are partners in a law firm- Results in the dissolution of partnership Palacios, Atienza, Tablante, Elamparo, Robledo, Ocampo- Palacios and Atienza may decide by themselves Daoang and Depante have been partners for more than 5 years- Daoang and Depante continue to be partners despite Daoang’s conveyance Barranda wrote Salvador a letter- Barranda and Bermudez since they are partners Trevor owes P3,000.00 to CHAMP Company- Payment will be applied in its entirely to CHARLES’ credit Aseron, the managing partner of ACE company- Aseron will still be liable to the firm for damages MAGIC Company is a partnership- The payment will be applied proportionately to the credits of MAGIC PARAGON Enterprises, a partnership engaged- Tadena is not a partner of Pacis,… A person admitted as a partner into an existing partnership- Obligations of the partnership incurred BEFORE his admission LIFE company, a partnership engaged in the water- LIFE Company and the four partners are SOLIDARILY liable Ornussa, the owner of a vacant lot – The relationship of Ornussa and Florida is not only that of a lessor and lease Which of the following statements concerning the name of a partnership is false- The partnership cannot adopt a name which does not include Donna, Emma, Alma and Rona are partners in DEAR company- The payment of P4,500.00 will be applied entirely to Donna’s credit TRIUMPH Company, a partnership engaged in buying- The group of Ramon and Marcos will prevail TRIUMPH Company, a partnership engaged in buying- The group of Tomas, Ignacio and Urbano will prevail TRIUMPH Company, a partnership engaged in buying- The group of Ramon, Pablo and Hilario will prevail TRIUMPH Company, a partnership engaged in buying “A VOTING AMONG THE PARTNERS” - The group of Tomas, Ignacio, Urbano and Marcos will prevail Sibal, Untalan, Pareno, Eusebio and Rances- SUPER is liable to Masterpaint only MARK Company, is a partnership- All the partners GREAT company, a partnership engaged- Transaction I only The following partnership contracts were presented for evaluation- Each partnership has a separate juridical personality John Solanda and Sons is a partnership composed of three partners- Statement I is false, Statement II is true Federico, Alberto, Sofronio and Teodoro- Federico,none; Alberto, P48,000; Sofronio P72,000; and Teodoro, none PATOK enterprises, a partnership- The payment shall be applied to Olga’s credit only Which of the following will not cause the automatic dissolution- Insanity of an industrial partner Bettina, Erlinda, Amanda…- All the partners are agents Fernando, Filoteo, Foretunato, and Fulgencio are partners- Filoteo may be validly exempted from losses Wimla, Olga and Wynona- The partnership will be considered a general partnership Which of the following will not cause the automatic dissolution of the general partnership- Insanity of a partner Josephine, Ellen, Wilma, Edith and Lydia “NOTE: MAY SAME CHOICE SA QUESTION” - Edith may not be held liable with her separate property for partnership debts after the exhaustion of partnership assets Belinda, Ara, Rica and Klaudia are partners- Klaudia may engage in the buying and selling One of the distinctions between partnership and a corporation- May exist for an indefinite period Which of the following will not caused the automatic dissolution of a limited partnership- Death of a limited partner What is the order of payment of liabilities- II,III,IV,I,VI,V. If the assignee does not become the partner- The inspection of the partnership books or account of partnerships transactions. A person admitted to all the rights of a limited partner- A substituted limited partner Which of the following omissions will make a partnership formed- I,II and III A limited partner shall be liable as general partner in three- When his surname which appears… A limited partner may contribute- Money and/or property In a limited partnership where there are 4 partners- It is enough that there is one limited partner, What is the order of payment of liabilities if a dissolved- II, I, IV and III. The partnership is not bound by the acts- When THE partner has no authority… When is the partnership not bound by the act/s of a partner- New transactions where the third person is a NEW creditor Three of the following will cause the dissolution- A partner becomes in any way incapable A decree by the court is necessary to dissolve- A partner is civilly interdicted The change in the relation of the partners caused by any ceasing- Dissolution of the partnership Which of the following statements is incorrect- Partnership creditors are preferred as to each partner’s separate assets. Assuming that no fraud is committed- Knowledge of partner NOT acting on the particular matter Benito, Ignacio, Gregorio, Artemio and Servando- Gregorio buying a van for the partnership In three of the following wrongful acts of partners- For loss or injury caused to a third person by reason of the use of partnership Torres is indebted for P5,000.00 to MACE- To both partnership credit and Mendoza’s credit A partner’s interest in the partnership is his share- The assignee has the right to receive the profits The partnership will bear the risk- Things contributed so that only their use and fruits Campos, Urbano, Tamesis and Encanto- From the PARTNERSHIP OF P200,000 The following statements pertain either to a partner appointed as manager- I and III pertain to a partner appointed as manager Which of the following statements is false when no one among the partners- Anyone may make an important alteration A partner can engage in a business for himself- A capitalist partner and business he will engage Which of the following stipulations is valid- A stipulation exempting an industrial partner from losses Gregory, Edmond and Mark- Gregory, P2,000; Edmond P3,000; and Mark P4,000. Which of the following losses will not cause dissolution of partnership- Loss of a specific thing.. Teresa, Olga, Pamela, and Sonia- The partnership for its assets P150,000; thereafter from Teresa, Olga and Sonia… John, Albert and Wilbert- JAW enterprises for its assets of P120,000. Thereafter, John, Alfred, Wilbert and SIMON… John, Albert and Wilbert- Partner by estoppel Three of the following partnership contracts are void- A particular partnership between husband and wife A partnership formed for the exercise of a profession- Particular partnership Vincent and James entered into a universal partnership- Salary of P500,000 Joseph and Edward entered into a universal partnership- Vacant land If the partnership has the minimum capital mentioned- Still acquires juridical personality The minimum capital in money- P3,000.00 One of the following is not a requisite of contract in partnership- The articles are kept secret One of the following is not a characteristic of contract of partnership- Real, in that the partners must deliver A contract where two or more persons- Partnership Generally, a contract of partnership is- A preparatory and consensual contract A,B, and C formed ABC Corporation- ABC Corporation and ABC partnership are considered……. Further the law treats ABC Corporation… As distinguished from a partnership, a joint venture- Is usually limited to a single transaction As distinguished from a corporation- is created by the agreement of parties and not by operation of law As distinguished from stockholders of a corporation- have unlimited liability I. The partnership can exist even before the existence of a common fund- S1 is true, S2 is false What is the primary purpose of establishing a partnership – to obtain profits and divide.. Daryl and Cris are the heirs- No, co-ownership does not itself establish a partnership In which of the following cases is receipt by a person of share- Receipt as one the managing professionals… In a universal partnership of all profits- II AND III ONLY Tsip and Makiboy- Tsip and Makiboy may stipulate that the INCOME from the parcel of land Clarkson, Donovan and Embiid – Any contract that the partners may enter into after the two-year period is VALID Which of the following partnership has complied- Partnership de jure It is a partner who does not take the active part- Silent partner When immovable party or real rights are contributed- Must appear in public instrument The partnership contract must appear in a public instrument- At least 3,000 Generally, a contract of partnership- can be entered in any form Failure to comply with the requirement- Will not be able to produce any legal effect The managing parties may be appointed- Either in the articles of the partnership Kyle, Kyla and Lei- Yes, the partners may do so at any time… Kitchie, Orline, Khervy and Maki- Kitchie, Khervy and Maki must vote in favor of the contract In case there is stipulation that none of the managing parties- The concurrence of all is necessary… When the manner of agreement is not agreed upon- All partners will be considered as agents of partnership Which of the following should be first considered in determining how profits- Agreement When an unlawful partnership is dissolved- Shall be confiscated in favor of the State Who among the following is not liable for losses- Industrial Partner I. A stipulation excluding one or more partners from any share- Statement I is true, Statement II is false Upon exhaustion of the partnership assets- All the partners are liable to pro-rata and subsidiarily I. Any stipulation against individual liability of the partners is valid - Both statements are false Partners are representing the controlling interest- Both statements are false The partnership can recover real property- The grantee does not have the knowledge… For the wrongful acts of a partner- Both the erring partner and the partnership is liable, solidarily. Partnership creditors are preferred on partnership property- Both statements are true It is the change in the relation of the partners- Dissolution Which of the following loss would dissolve a partnership by operation of law- Loss of a specific thing which a partner had promised to contribute BEFORE delivery. Which of the following does not dissolve a partnership by operation of law- Absence of a partner The courts can declare a partnership is dissolved- Both statements are true Aside from the partner designated in the agreement- The legal representative of the last surviving solvent partner The limited partners- Shall not be bound by the obligations of the partnership. THEIR PERSONAL ASSETS SHALL NOT BE USED to satisfy… A limited partnership- Shall have one or more limited partners A limited partner has no right to participate in the management of the partnership- Both statements are true Failure to file the certificate required for a limited partnership – The partnership becomes a general partnership, but only with the respect to third persons Which of the following acts may not be done- Received or hold as collateral security in any partnership property In the settlement of accounts of a limited partnership upon dissolution- III,IV,I,II B, C and D are friends- C and D only