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Accounting 112 > Introduction to Partnership > Flashcards

Introduction to Partnership Flashcards

1
Q

What are the characteristics of a partnership?

A

Mutual Agency, Unlimited Liability, Limited Life, Mutual Participation in Profits, Legal Entity, Co-ownership of Contributed Assets, and Income Taxes.

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2
Q

Characteristic of a partnership which states that any partner may act as an agent of the partnership in conducting its affairs.

A

Mutual Agency

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3
Q

Characteristic of a partnership which states that the personal assets of any partner may be used to satisfy the creditors’ equities of the partnership.

A

Unlimited Liability

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4
Q

Characteristic of a partnership which states that a partnership may be dissolved at any time by action of the partners or operation of law.

A

Limited Life

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5
Q

Characteristic of a partnership which states that a partner has the right to share in profits.

A

Mutual Participation in Profits

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6
Q

Characteristic of a partnership which states that a partnership has a legal personality separate and distinct from that each of the partners.

A

Legal Entity

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7
Q

Characteristic of a partnership which states that properties contributed to the partnership are owned by the partnership by virtue of its separate legal entity.

A

Co-ownership of Contributed Assets

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8
Q

Characteristic of a partnership which states that partnerships are subject to income taxes of 30% of taxable income.

A

Income Taxes

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9
Q

Distinctions of a partnership from a corporation.

A

Manner of Creation, Number of Persons, Commencement of Juridicial Personality, Management, Extent of Liability, Right of Succession, and Terms of Existence

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10
Q

What is the difference between a partnership and corporation in terms of manner of creation?

A

A partnership is created by a mere agreement while a corporation is created by operation of law.

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11
Q

What is the difference between a partnership and corporation in terms of number of persons?

A

Two or more persons may form a partnership; in a corporation, at least five persons, not exceeding fifteen.

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12
Q

What is the difference between a partnership and corporation in terms of commencement of juridical personality?

A

In a partnership, juridical personality commences from the execution of the articles in the partnership; in a corporation, from the issuance of certificate of incorporation by the Securities and Exchange Commission.

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13
Q

What is the difference between a partnership and corporation in terms of management?

A

In a partnership, every partner is an agent of the partnership if the partners didn’t appoint a managing partner; in a corporation, management is vested on the Board of Directors.

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14
Q

What is the difference between a partnership and corporation in terms of extent of liability.

A

In a partnership, each of the partners is liable to the extent of his personal assets; in a corporation, stockholders are liable only to the extent of their interest or investment in the corporation.

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15
Q

What is the difference between a partnership and corporation in terms of right of succession?

A

In a partnership, there is no right of succession; in a corporation, there is right of succession.

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16
Q

What is the difference between a partnership and corporation in terms of terms of existence?

A

In a partnership, for any period of time stipulated by the partners; in a corporation, not to exceed fifty years but subject to extension.

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17
Q

What are the kinds of partnership as to activity?

A

Trading Partnership and Non-trading Partnership

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18
Q

What are the kinds of partnership as to object?

A

Universal Partnership and Particular Partnership

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19
Q

What are the types of universal partnership?

A

Universal Partnership of All Present Property and Universal Partnership of All Profit

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20
Q

What are the kinds of partnership as to liability of partners?

A

General Partnership and Limited Partnership

21
Q

What are the kinds of partnership as to duration?

A

Partnership at Will and Partnership with a Fixed Term

22
Q

What are the kinds of partnership as to representation to others?

A

Ordinary Partnership and Partnership by Estoppel

23
Q

What are the kinds of partnership as to legality of existence?

A

De Jure Partnership and De Facto Partnership

24
Q

What are the kinds of partnership as to publicity?

A

Secret Partnership and Open Partnership

25
Q

It is a partnership whose main activity is the manufacture or the purchase and sale of goods.

A

Trading Partnership

26
Q

It is a partnership which is organized for the exercise of profession or renderings service.

A

Non-trading Partnership

27
Q

It is a partnership consisting of general partners who ate liable to the extent of their separate properties.

A

General Partnership

28
Q

It is a partnership formed by two or more persons having as members one or more general partners and one or more limited partners.

A

Limited Partnership

29
Q

Partner who is not bound by the obligations of the partnership.

A

Limited Partner

30
Q

“LTD”

A

Limited

31
Q

It is a partnership for which no time is specified and is not formed for a particular undertaking and which may be terminated anytime by mutual agreement of the partners or of the will of one alone.

A

Partnership at Will

32
Q

It is a partnership in which the term or period for which the term is to exist is agreed upon or one formed for a particular undertaking.

A

Partnership at a Fixed Term

33
Q

It is a partnership which actually exists among the partners and also to third persons.

A

Ordinary Partnership

34
Q

It is a partnership which in reality is not a partnership but is considered a partnership in relation to those who, by their conduct or omission, are precluded to deny its existence.

A

Partnership by Estoppel

35
Q

It is a partnership which has complied with all the requirements for its establishment.

A

De Jure Partnership

36
Q

It is a partnership which has failed to comply with one or more of the legal requirement for its establishment.

A

De Facto Partnership

37
Q

It is a partnership wherein the existence of certain persons are partners are not made known to the public by any of the partners.

A

Secret Partnership

38
Q

It is a partnership whose existence is made known by the public to the members of the firm.

A

Open Partnership

39
Q

What is a partnership as defined in Article 1767 of the Civil Code of the Philippines?

A

A contract whereby two or more persons bind themselves to contribute money, property, or industry to a common fund with the intentions of dividing profits among themselves.

40
Q

It is a partnership which comprises all that partners may acquire by their industry or work.

A

Universal Partnership of All Profit

41
Q

It is a partnership in which partners contribute all the property which actually belong to each of them.

A

Universal Partnership of All Present Property

42
Q

It is a partnership which has for its objects determinate things.

A

Particular Partnership

43
Q

How are partners classified?

A

According to contribution, liability, management, and others.

44
Q

Classes of partners according to contribution.

A

Capitalist, Industrial, and Capitalist-Industrial Partner

45
Q

Classes of partners according to liability.

A

General and Limited Partner

46
Q

Classes of partners according to management

A

Managing and Silent Partner

47
Q

A partner who contributes capital in money or property.

A

Capitalist Partner

48
Q

A partner who contributes industry, labor, skill, or service.

A

Industrial Partner

49
Q

A partner who contributes money, property, and industry.

A

Capitalist-Industrialist Partner

Accounting 112 (1 decks)

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