General Provisions

Question 1

Generally speaking, a partnership may be constituted in any form.

Answer 1

True

Question 2

What must you do if the partnership has a capital of more than P3000?

Answer 2

Register it with SEC.

Question 3

If immovable property was contributed…

Answer 3

It must be (the said property) is signed by the parties, and attached to the public instrument.

Question 4

2 Kinds of Universal Partnership:

Answer 4

1. UP of all profits

2. UP of all present property

Question 5

TRUE OR FALSE: A husband and wife form a General Professional Partnership.

Answer 5

TRUE

Question 6

Those who cannot donate cannot form what kind of partnership?

Answer 6

A Universal Partnership

Question 7

A partnership with no fixed term or particular undertaking.

Answer 7

Partnership at will

Question 8

A partner who contributes capital; money, or property

Answer 8

Capitalist Partner

Question 9

A partner which furnishes industry.

Answer 9

Industrialist Partner

Question 10

A partner who contributes both capital and industry.

Answer 10

Capitalist-industrial Partner

Question 11

This partner does not participate in management.

Answer 11

Silent Partner

Question 12

This partner is not known to third persons.

Answer 12

Secret Partner

Question 13

This partner is known to be both silent and secret.

Answer 13

Dormant Partner

Question 14

This is the opposite of a Dormant Partner.

Answer 14

Ostensible Partner

Question 15

The partner who manages the affairs or business of the partnership.

Answer 15

Managing Partner (common sense)

Question 16

The partner who takes charge of the winding up of partnership affairs upon dissolution.

Answer 16

Liquidating Partner