Partnership

Question 1

It is a contract whereby two or more persons bind themselves to contribute money, property or industry to a common fund,
with the intention of dividing the profits among themselves, or in order to exercise a profession.

Answer 1

Partnership

Question 2

Characteristics of a Partnership

Answer 2

• Consensual
• Bilateral or Multilateral
• Nominate
• Principal
• Onerous
• Preparatory

Question 3

it is perfected by mere consent or the meeting of minds between parties.

Answer 3

Consensual

Question 4

It is entered into between two or more persons.

Answer 4

Bilateral or Multilateral

Question 5

It is designate by a specific name.

Answer 5

Nominate

Question 6

Its existence does not depend on the life of another contract.

Answer 6

Principal

Question 7

certain contributions have to be made.

Answer 7

Onerous

Question 8

– in the sense that after it has been entered into, other contracts essential in the carrying out of its purposes can be
entered into.

Answer 8

Preparatory

Question 9

Dissolution of a partnership may cause by:

Answer 9

Death, retirement, insolvency, civil
interdiction, or insanity of a partner dissolves the
partnership.

Question 10

Except for partnerships by estoppel, persons who are not partners as to each other are not partners as to third persons.

Answer 10

True

Question 11

Co-ownership or co-possession does not of itself establish a partnership, whether such-co-owners or co-possessors do or do not share any profits made by the use of property.

Answer 11

True

Question 12

The receipt by a person of a share of the profits of a business is prima facie evidence that he is a partner in the business, but no such inference shall be drawn if such profits were received in payment:

Answer 12

• debt by installment
• wages of an employee or rent
• annuity to a widow
• interest on a loan
  consideration for sale pf a goodwill

Question 13

A contract of partnership is void, whenever immovable property is contributed thereto, if an inventory of said property is not made, signed by the parties, and attached to the public instrument.

Answer 13

True

Question 14

All profits acquired by industry or work of the partners
become common property (regardless of whether or not
said profits were obtained through the usufruct contributed).

Answer 14

Universal Partnership of All Profit

Question 15

Only the usufruct of the properties of the partners become common property; naked ownership is retained by each of the partners.

Answer 15

Universal Partnership of All Profit

Question 16

All the property actually belonging to the partners are contributed both ownership and naked ownership

Answer 16

Universal partnership of all present property

Question 17

Properties subsequently acquired by inheritance, legacy,
or donation, cannot be included in the stipulation, but the
fruits thereof can be in included in the stipulation.

Answer 17

Universal partnership of all present property

Question 18

Persons not allowed to form a universal partnership

Answer 18

• husband and wife
• guilty of adultery and concubinage
• guilty of criminal offense

Question 19

A partnership exists particular where the object are:

Answer 19

• determinate things
• specific undertaking
• exercise of a profession or occupation

Question 20

Partnership according to LIABILITY:

Answer 20

• General
• Limited

Question 21

A partnership where all the partners are general partners whose liability extends to their individual properties, after the assets of the partnership have been exhausted.

Answer 21

General Partnership

Question 22

Partnership where at least one of the partners are liable only up to the extent of his contribution.

Answer 22

Limited Partnership

Question 23

Partnership according to TERM

Answer 23

• Fixed term or particular undertaking
• Partnership at will

Question 24

Obligations of a Partner

Answer 24

1. To give his contribution
2. Deliver the fruits of what has been delivered
3. Warrant the thing delivered against eviction

Question 25

Risk of Loss

Answer 25

1. Loss borne by the partner 2. Loss borne by the partnership

Question 26

Some rights of a partner

Answer 26

1. Property rights 2. To Associate with another person in his share 3. To inspect and copy partnership books 4. To demand a formal account 5. To ask for a dissolution of the firm at the proper time

Question 27

Kins of Partners According to Contribution

Answer 27

1. Capitalist Partners 2. Industrial Parters 3. Capital-industrial partners

Question 28

Prohibition to engage in other business

Answer 28

1. Industrial parter without permission 2. Capitalist partners entering into same industry unless allowed 3. Forced sale of partner's interest 4. Managing partner collecting from a common debtor

Question 29

Effects in non-compliance of capitalist partners in entering business:

Answer 29

1. Obtained profits will be brought to partnership 2. Liable personally for all losses of the entered business 3. Outshed for loss of trust and confidence

Question 30

Distribution of Profits

Answer 30

1. In accordance with the agreement 2. In proportion to contribution and the industrial partner may receive just and eqittable

Question 31

Distribution of losses

Answer 31

1. In accordance with agreement 2. In accordance to contribution 3. The industrial partner is not liable for losses

Question 32

The power to execute all acts of administration can only be revoked if

Answer 32

1. with just or lawful cause 2. by a vote of the partners representing the controlling interest

Question 33

Associate shall not be admitted into the partnership without the consent of all the other partners, even if the partner having an associate should be a manager.

Answer 33

True

Question 34

Property rights of a partner

Answer 34

1. His rights in specific partnership property 2. His interest in the partnership

Question 35

Rights of the assignee/conveyee:

Answer 35

1. To get profits the assignor-partner would have obtained. 2. To avail of the usual remedies in case of fraud in the management. 3. Receive assignor's interest in the event of a dissolution

Question 36

Obligations of partners with regard to third parties:

Answer 36

1. Firm name 2. Liability after exhaustion of partnership assets 3. Authority to act for and in behalf of the partnership