LAW ON PARTNERSHIP

Question 1

Characteristics of Partnerships

Answer 1

(CBN POP)
Consensual
Bilateral
Nominate
Principal
Onerous
Preparatory

Question 2

Affectio Societatis

Answer 2

Desire to form an Active Union with people where there is mutual confidence and trust

Question 3

Delectus Personae

Answer 3

(personal choice) It is the right to choose who to associate with

Question 4

If the partnership has no lawful object or purpose, the tendency is that____

Answer 4

Be dissolved by judicial decree and profits will be confiscated in favor of the state

Question 5

Creation

Answer 5

Voluntary agreement by the partners

Question 6

Number of organizers

Answer 6

2 or more

Question 7

Existence

Answer 7

No time limit (except agreed time by the parties

Question 8

Liability of owners

Answer 8

May extend to private property

Question 9

Can there be a transfer of interest?

Answer 9

Only if consented by all of the partners

Question 10

What is the nationality of the partnership

Answer 10

The country it was created and dependent on the percentage of ownership

Question 11

It achieves its legal personality when ___

Answer 11

The time the contract begins

Question 12

Is there a right of succession?

Answer 12

None. Death, insolvency, retirement, civil interdiction, insanity of a partner dissolves the partnership

Question 13

Kinds of partnership according to object

Answer 13

UNIVERSAL and PARTICULAR

Question 14

Kinds of Universal Partnership

Answer 14

ALL Profits and ALL present property

Question 15

Differentiate all profits from all present property

Answer 15

All profits, Only the usufruct of the properties of the partners become common property

All present property, both ownership and naked ownership becomes a common property

Question 16

Can the properties acquired from inheritance, donations and the like be included in the stipulation of a partnership?

Answer 16

No. but the fruits of such can be

Question 17

Kinds of partnership according to liability

Answer 17

General
Limited

Question 18

Kinds of partnership according to term

Answer 18

Partnership with a fixed term or particular undertaking

Partnership at will

Question 19

Kinds of Partners according to contribution

Answer 19

Capital
Industrial
Capital-Industrial

Question 20

Other kinds of partners (7)

Answer 20

Silent
Secret
Dormant
Ostensible
Managing
Liquidating
Incoming

Question 21

When should contribution to the partnership be provided?

Answer 21

GN: Upon the perfection of the partnership
Exc: If there is a stipulation to the contrary

Question 22

Is demand necessary in delivering the contribution of the partner?

Answer 22

No.

Question 23

Who shall borne the loss of contributed property?

Answer 23

If determinate and specific, the PARTNER
If fungible, the PARTNERSHIP

Question 24

Can industrial partners engage in other businesses?

Answer 24

No.
EXC. When the capitalist partners allow him to do so

Question 25

Can capitalist partners engage in other businesses?

Answer 25

Yes, as long as it is not of the same industry of the partnership. EXC. *When the other partners allow him to do so. *When impliedly or expressly granted by the partners *When the partnership is non-existent already *When the general-capitalist partner has become a limited partner in a competitive enterprise

Question 26

Effect of non-compliance of Industrial partner?

Answer 26

Benefit which he received from the violation shall be availed by the partnership and he shall be excluded from the firm

Question 27

Effect of non-compliance of Capitalist partner?

Answer 27

Liable, personally for the losses incurred but the partnership Benefit which he received from the violation shall be availed by the partnership He may be excluded from the firm

Question 28

Managing partner in the articles of partnership

Answer 28

Prevails even in opposition as long as in good faith Power can only be revoked if a.) With just or lawful cause b.) votes of the partners representing the non-controlling interest

Question 29

Managing partner after the partnership was constituted

Answer 29

Power may be revoked by votes of partners representing the non-controlling interest even without JUST and LAWFUL cause

Question 30

In cases of opposition in Multiple Managing partner without specification of duties

Answer 30

Votes of the managing partner per head count If tie, votes of the Non-controlling interest partners

Question 31

Distribution of assets will be done in the following order:

Answer 31

FOR General Partners: 1.) Those owing to creditors which are not partners 2.) Those owing credits to partners, apart from capital and profit 3.) Those owing to partners, as capital 4.) Those owing partners, as profits

Question 32

To create a limited partnership, how many and what type of partners should be involved?

Answer 32

1 or more general partners 1 or more limited partners

Question 33

The following dissolves the partnership

Answer 33

Retirement, death, insolvency, insanity, civil interdiction of a General Partner

Question 34

When does the right of a partner to demand an accounting of the partnership business prescribes?

Answer 34

4 years upon the dissolution of the partnership when the final accounting is done