1.Which of the following will not cause dissolution of a partnership?

Death of a general partner

Insolvency of a general partner

Death of a limited partner

Civil interdiction of a partner

2. In a limited partnership where there are 4 partners:

All partners must be limited partners

It is enough that there is one limited partners and the rest may be general partners

Number of limited partners must be equal to the number of general partners

The number of limited partners must be greater than the number of general partner

3. A limited partner may contribute:

Money or property

Money or industry

Property or industry

Money, property or industry

4. A limited partner shall be liable as a general partner in the following instances, except

When he is a general-limited partner as stated in the certificate

When he takes part in the control of the business

When he participates in the management of the business

When his surname which appears in the partnership name is also the surname of a general partner

5. Which of the following omissions will make a partnership formed as a limited partnership liable as a
general partnership?

The certificate is not signed and sworn to by all the partners

The certificate is not registered with SEC

The partnership name does not include the word “Limited” or “Ltd.” in the certificate
All of the above

6. Carlos, Daniel and Edgy wanted to form a partnership with Carlos to contribute P500K; Daniel, office
equipment; and Edgy, his services. If the three were to form a limited partnership, who among them will
be the limited partner/s?

Either Carlos or Daniel

Either Daniel or Edgy

Either Edgy or Carlos

All of them must be limited partners

7. A limited partner is prohibited on account of his claim against the partnership from performing the
following acts, except:

To receive or hold as collateral security any partnership property

To receive from the partnership any payment, conveyance or release from liability, if partnership assets
are not sufficient to discharge partnership liabilities to outside creditors

Transact business with the partnership

None of the above

8.Jacob, a limited partner in ABC Company, Ltd., received the amount of P100,000
representing the return of his contribution on the date stipulated in the certificate.
Partnership records showed that the firm has liabilities of P220,000 which arose before
Jacob received the return of his contribution, and assets of P90,000 after such return of
contribution.
Jacob is bound to return the P100,000

Jacob is bound to give the partnership P220,000

Jacob is bound to give the partnership P130,000

Jacob is not bound to return any amount because he received the return of his contribution pursuant to
a contractual stipulation.

9. The following are allowable transactions of a limited partner with the partnership, except

To lend money to the partnership

To transact business with the partnership

To receive on account of resulting claims against the partnership, with general creditors, a pro rate
share of the assets.

None of the above

10.May a limited partner who contributed a property to the partnership demand the return
of the same property?  
Yes because the limited partner remains to be the owner of the property contributed.

Yes, a limited partner may choose the return of his contribution in any form.

No, a limited partner may only receive cash in return for his contribution.

No, only the general partner may choose in what form the contribution of a limited partner may be
returned.

11.A person admitted to all the rights of a limited partner who has died or has assigned his
interest in the partnership is known as
An ostensible partner

A liquidating partner

A substituted limited partner

A general-limited partner

12. If the assignee does not become the partner referred to in the preceding number, his
rights do not include:
The receipt of the assignor’s share in the profits

The receipt of the assignor’s other compensation by way of income

The return of the assignor’s contribution

The inspection of partnership books or account of partnership transactions