Business Laws

Dear student,
This module contains the topics for prelim about the law on partnership.
In this module you are going to learn what is a contract of partnership, forms of a contract of
partnership, classification of partnership, beginning of partnership, partnership for a fixed term,
partnership for a particular undertaking, partnership at will, an industrial partner cannot engage in
business for himself, the partners shall contribute equal shares to the capital of the partnership, any
partner who refuses to contribute an additional share to the capital shall be obliged to sell his interest
to the other partners, obligation of a managing partner who collects debt, obligation of a partner who
has received his share of a partnership credit if the debtor should thereafter become insolvent,
obligation of the partnership to a partner for the amounts he may have disbursed on behalf of the
partnership, rules in the distribution of profits and losses, rules if partners agreed to intrust to a third
person the designation of share, effect of stipulation which excludes any partner from any share,
power of a partner who has been appointed manager in the articles of partnership, rules when two or
more partners have been intrusted with the management of the partnership without specification of
their respective duties, rules in case it should have been stipulated that none of the managing
partners shall act without the consent of the others, rules where the partnership books are to be kept,
rules if the capitalist partner engage in another business, property rights of a partner, names to be
included in the partnership name, liability of an admitted partner into an existing partnership.
For better understanding and retention, I suggest that you read first the law on partnership.
(Reference: Partnership, Revised Corporation, Cooperative Law book of Atty. Andrix Domingo)
After reading the law on partnership, listen to our audio discussion.
To test your mastery of the lesson, you answer the activities.
Make sure to read and follow the instructions.
Don’t forget to write your name on the space provided.
Take care of your module especially the activities part because you will submit them after answering.
As you work on the module, please be guided by the Time Frame as indicated in the Table of
Contents. All Assessments/Activities will be submitted during the Periodic Examinations which are
scheduled on September 22 – 25, 2020.
If you have questions about the lessons as you go along. Feel free to contact me in this
number 09207716597, or messenger Dewarn Sunday.
Your teacher,
ATTY. WARDEN DOMINGO
King’s College of the Philippines

Business Laws and Regulations
Page 1 of 15
TABLE OF CONTENTS
MODULE 1
LESSON TOPICS TIME FRAME PAGES
NOS.
General Provision Aug. 17-18, 2020 3
-Contract of Partnership
1 -Forms of a contract of partnership
-Classification of Partnership
Obligations of the Partners Aug. 19-Sept. 16, 4-7

Section 1 : Obligations of the Partners Among Themselves 2020
2 -Beginning of partnership
-Partnership for a fixed term
-Partnership for a particular undertaking
-Partnership at will
-An industrial partner cannot engage in business for himself
-The partners shall contribute equal shares to the capital of the
partnership.
-Any partner who refuses to contribute an additional share to the
capital shall be obliged to sell his interest to the other partners.
-Obligation of a managing partner who collects debt
Obligation of a partner who has received his share of a
partnership credit if the debtor should thereafter become
insolvent.
-Obligation of the partnership to a partner for the amounts he may
have disbursed on behalf of the partnership.
-Rules in the distribution of profits and losses.
-Rules if partners agreed to intrust to a third person the
designation of share.
-Effect of stipulation which excludes any partner from any share.
-Power of a partner who has been appointed manager in the
articles of partnership.
-Rules when two or more partners have been intrusted with the
management of the partnership without specification of their
respective duties.
-Rules in case it should have been stipulated that none of the
managing partners shall act without the consent of the others.
-Rules where the partnership books are to be kept.
-Rules if the capitalist partner engage in another business.
3 Obligations of the Partners Sept. 17-18, 2020 7

Section 2: Property rights of a partner
-Property rights of a partner.
-Names to be included in the partnership name.
-Liability of an admitted partner into an existing partnership.
Activities Sept. 21, 2020 7-15

Page 2 of 15
COLLEGE OF ACCOUTANCY
MODULE 1
Lesson 1: General Provision
A. Learning Outcomes/Objectives
By the end of the lesson, you should be able to:
1. To know what is a contract of partnership.
2. To know the forms of contract of partnership.
3. To know the classification of partnership.
B. Key Concepts
Suggested Reading:
 Law on Partnership
(Reference: Partnership, Revised Corporation, Cooperative Law book of Atty. Andrix Domingo)
1. Contract of Partnership
-By the contract of partnership 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.
2. Forms of a contract of partnership
-A partnership may be constituted in any form, except where immovable property or real rights are
contributed thereto, in which case a public instrument shall be necessary.
-Every contract of partnership having a capital of three thousand pesos or more, in money or
property, shall appear in a public instrument.
-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.
3. Classification of Partnership
-As to its object, a partnership is either universal or particular. As regards the liability of the
partners, a partnership may be general or limited.
-A universal partnership may refer to all the present property or to all the profits.
-A partnership of all present property is that in which the partners contribute all the property which
actually belongs to them to a common fund, with the intention of dividing the same among
themselves, as well as all the profits which they may acquire therewith.
-In a universal partnership of all present property, the property which belonged to each of the
partners at the time of the constitution of the partnership, becomes the common property of all the
partners, as well as all the profits which they may acquire therewith.
-A stipulation for the common enjoyment of any other profits may also be made; but the property
which the partners may acquire subsequently by inheritance, legacy, or donation cannot be
included in such stipulation, except the fruits thereof.
-A universal partnership of profits comprises all that the partners may acquire by their industry or
work during the existence of the partnership.
-Movable or immovable property which each of the partners may possess at the time of the
celebration of the contract shall continue to pertain exclusively to each, only the usufruct passing to
the partnership.
-Articles of universal partnership, entered into without specification of its nature, only constitute a
universal partnership of profits.
-A particular partnership has for its object determinate things, their use or fruits, or a specific
undertaking, or the exercise of a profession or vocation.

Page 3 of 15
Lesson 2: Obligations of the Partners: Section 1 Obligations of the Partners among Themselves
1 To know when partnership begins.
2. . To know what is a partnership for a fixed term.
4. To know what is a partnership for a particular undertaking.
5. To know what is a partnership at will.
6. To know that an industrial partner cannot engage in business for himself.
7. To know that the partners shall contribute equal shares to the capital of the
partnership.
8. To know that any partner who refuses to contribute an additional share to the capital
shall be obliged to sell his interest to the other partners.
9. To know the obligation of a managing partner who collects debt.
10. To know the obligation of a partner who has received his share of a partnership credit
if the debtor should thereafter become insolvent.
11. To know the obligation of the partnership to a partner for the amounts he may have
disbursed on behalf of the partnership.
12. To know the rules in the distribution of profits and losses.
13. To know the rules if the partners agreed to intrust to a third person the designation of
share.
14. To know the effect of stipulation which exclude any partner from any share.
15. To know the power of a partner who has been appointed manager in the articles of
partnership.
16. To know the rules if two or more partners have been intrusted with the management
of the partnership without specification of their duties.
17. To know the rules in case it should have been stipulated that none of the managing
partners shall act without the consent of the others.
18. To know the rules where the partnership books are to be kept.
19. To know the rules if the capitalist partner engage in another business.
B. Key Concepts
1. Beginning of partnership
-A partnership begins from the moment of the execution of the contract, unless it is otherwise
stipulated.
2. Partnership for a fixed term

-When a partnership for a fixed term or particular undertaking is continued after the termination of
such term or particular undertaking without any express agreement, the rights and duties of the partners
remain the same as they were at such termination, so far as is consistent with a partnership at will.
A continuation of the business by the partners or such of them as habitually acted therein during the
term, without any settlement or liquidation of the partnership affairs, is prima facie evidence of a
continuation of the partnership.
3. Partnership for a particular undertaking


Page 4 of 15
4. Partnership at will
5. An industrial partner cannot engage in business for himself

-An industrial partner cannot engage in business for himself, unless the partnership expressly
permits him to do so; and if he should do so, the capitalist partners may either exclude him from the firm
or avail themselves of the benefits which he may have obtained in violation of this provision, with a right
to damages in either case.
6. The partners shall contribute equal shares to the capital of the partnership.
-Unless there is a stipulation to the contrary, the partners shall contribute equal shares to the
capital of the partnership.
7. Any partner who refuses to contribute an additional share to the capital shall be obliged to
sell his interest to the other partners.
-If there is no agreement to the contrary, in case of an imminent loss of the business of the
partnership, any partner who refuses to contribute an additional share to the capital, except an industrial
partner, to save the venture, shall he obliged to sell his interest to the other partners.
8. Obligation of a managing partner who collects debt

-If a partner authorized to manage collects a demandable sum which was owed to him in his own
name, from a person who owed the partnership another sum also demandable, the sum thus collected
shall be applied to the two credits in proportion to their amounts, even though he may have given a
receipt for his own credit only; but should he have given it for the account of the partnership credit, the
amount shall be fully applied to the latter.
9. Obligation of a partner who has received his share of a partnership credit if the debtor
should thereafter become insolvent.
-A partner who has received, in whole or in part, his share of a partnership credit, when the other
partners have not collected theirs, shall be obliged, if the debtor should thereafter become insolvent, to
bring to the partnership capital what he received even though he may have given receipt for his share
only.
10. Obligation of the partnership to a partner for the amounts he may have disbursed on
behalf of the partnership.
-The partnership shall be responsible to every partner for the amounts he may have disbursed on
behalf of the partnership and for the corresponding interest, from the time the expense are made; it shall
also answer to each partner for the obligations he may have contracted in good faith in the interest of the
partnership business, and for risks in consequence of its management.

Page 5 of 15
11. Rules in the distribution of profits and losses.
-The losses and profits shall be distributed in conformity with the agreement. If only the share of
each partner in the profits has been agreed upon, the share of each in the losses shall be in the same
proportion.
-In the absence of stipulation, the share of each partner in the profits and losses shall be in
proportion to what he may have contributed, but the industrial partner shall not be liable for the losses.
As for the profits, the industrial partner shall receive such share as may be just and equitable under the
circumstances. If besides his services he has contributed capital, he shall also receive a share in the
profits in proportion to his capital.
12. Rules if partners agreed to intrust to a third person the designation of share.
-If the partners have agreed to intrust to a third person the designation of the share of each one in
the profits and losses, such designation may be impugned only when it is manifestly inequitable. In no
case may a partner who has begun to execute the decision of the third person, or who has not impugned
the same within a period of three months from the time he had knowledge thereof, complain of such
decision.
The designation of losses and profits cannot be intrusted to one of the partners.
13. Effect of stipulation which excludes any partner from any share.
-A stipulation which excludes one or more partners from any share in the profits or losses is void.
14. Power of a partner who has been appointed manager in the articles of partnership.
-The partner who has been appointed manager in the articles of partnership may execute all acts of
administration despite the opposition of his partners, unless he should act in bad faith; and his power is
irrevocable without just or lawful cause. The vote of the partners representing the controlling interest
shall be necessary for such revocation of power.
A power granted after the partnership has been constituted may be revoked at any time.
15. Rules when two or more partners have been intrusted with the management of the
partnership without specification of their respective duties.
-If two or more partners have been intrusted with the management of the partnership without
specification of their respective duties, or without a stipulation that one of them shall not act without the
consent of all the others, each one may separately execute all acts of administration, but if any of them
should oppose the acts of the others, the decision of the majority shall prevail. In case of a tie, the
matter shall be decided by the partners owning the controlling interest.
16. Rules in case it should have been stipulated that none of the managing partners shall act
without the consent of the others.
- In case it should have been stipulated that none of the managing partners shall act without the
consent of the others, the concurrence of all shall be necessary for the validity of the acts, and the
absence or disability of any one of them cannot be alleged, unless there is imminent danger of grave or
irreparable injury to the partnership.
17. Rules where the partnership books are to be kept.

- The partnership books shall be kept, subject to any agreement between the partners, at the
principal place of business of the partnership, and every partner shall at any reasonable hour have access
to and may inspect and copy any of them.

Page 6 of 15
18. Rules if the capitalist partner engage in another business.
- The capitalist partners cannot engage for their own account in any operation which is of the kind
of business in which the partnership is engaged, unless there is a stipulation to the contrary.
Any capitalist partner violating this prohibition shall bring to the common funds any profits accruing to
him from his transactions, and shall personally bear all the losses.
Lesson 3: Section 2: Property rights of a partner

1. To know the property rights of a partner.
2. To know the names to be included in the partnership name.
3. To know the liability of an admitted partner into an existing partnership.
B. Key Concepts
1. Property rights of a partner.

- The property rights of a partner are:
(1) His rights in specific partnership property;
(2) His interest in the partnership; and
(3) His right to participate in the management.
2. Names to be included in the partnership name.

- Every partnership shall operate under a firm name, which may or may not include the name of
one or more of the partners.
Those who, not being members of the partnership, include their names in the firm name, shall be subject
to the liability of a partner.
3. Liability of an admitted partner into an existing partnership.

- A person admitted as a partner into an existing partnership is liable for all the obligations of the
partnership arising before his admission as though he had been a partner when such obligations were
incurred, except that this liability shall be satisfied only out of partnership property, unless there is a
stipulation to the contrary.
Reference: Business Laws and Regulations- Partnership, Revised Corporation, Cooperative Law 2019
Edition by Atty. Andrix D. Domingo, CPA, MBA

Page 7 of 15
ACTIVITY
Name:
Instruction: Encircle the correct answer.
1. I. A contract of partnership may not be constituted in any form.

II. A person admitted as a partner into an existing partnership is not liable for all the obligations of the
incurred.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
2. I. Every partnership shall operate under a firm name, which may not include the name of one or more of
the partners.
II. A contract of partnership may be constituted in any form if immovable property is contributed.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
3. I. A contract of partnership may be constituted in any form if movable properties only are contributed.
II. The designation of losses and profits can be intrusted to one of the partners.
4. I. Every partnership shall operate under a firm name, which may include the name of one or more of the
partners.
II. A contract of partnership may be constituted in any form if money only is contributed.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
5. I. A contract of partnership may be constituted in any form if immovable properties only are contributed.
II. The capitalist partners cannot engage for their own account in any operation which is of different kind
of business in which the partnership is engaged, unless there is a stipulation to the contrary.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
6. I. The capitalist partners can engage for their own account in any operation which is of the kind of
business in which the partnership is engaged, unless there is a stipulation to the contrary.
II. A contract of partnership may not be constituted in any form if movable properties only are
contributed.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false

Page 8 of 15
7. I. A contract of partnership may be constituted in any form.
II. The partnership books shall be kept, subject to any agreement between the partners, not at the
principal place of business of the partnership, and every partner shall at any reasonable hour have access
to and may inspect and copy any of them.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
8. I. In case it should have been stipulated that none of the managing partners shall act without the consent
of the others, the concurrence of all shall be necessary for the validity of the acts, and the absence or
disability of any one of them can be alleged.
II. A contract of partnership may be constituted in any form if movable property and money are
contributed.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
9. I. A contract of partnership may be constituted in any form if movable property and industry are
contributed.
II. If two or more partners have been intrusted with the management of the partnership without
specification of their respective duties, or without a stipulation that one of them shall not act without the
consent of all the others, each one may not separately execute all acts of administration.
II. The power of a partner who has been appointed manager in the articles of partnership is irrevocable
without just or lawful cause.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
10. I. A contract of partnership may be constituted in any form if movable property and immovable property
are contributed.
II. The partner who has been appointed manager in the articles of partnership may not execute all acts of
administration despite the opposition of his partners, unless he should act in bad faith.
11. I. A stipulation which excludes one or more partners from any share in the profits or losses is voidable.
II. A contract of partnership may be constituted in any form if immovable property and industry are
contributed.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
12. I. A contract of partnership may be constituted in any form if movable property, immovable property, and
industry are contributed.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false

Page 9 of 15
13. I. If the partners have agreed to intrust to a third person the designation of the share of each one in the
profits and losses, such designation may not be impugned when it is manifestly inequitable.
II. A contract of partnership may be constituted in any form if money and movable property are
contributed.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
14. I. A contract of partnership may be constituted in any form if money, movable property, and immovable
property are contributed.
II. If besides the services of an industrial partner he has contributed capital, he shall not receive a share
in the profits in proportion to his capital.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
15. I. As for the profits, the industrial partner shall not receive such share as may be just and equitable under
the circumstances.
II. A contract of partnership may be constituted in any form if money, movable property, and immovable
property are contributed.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
16. I. A contract of partnership may be constituted in any form if money, movable property, immovable
property and industry are contributed.
II. If there is an inventory of the immovable properties contributed, the partnership contract is void if it is
not attached to the public instrument.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
17. I. A contract of partnership may be constituted in any form if money, movable property, immovable
property and industry are contributed.
II. The industrial partner shall be liable for the losses.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
18. I. In the absence of stipulation, the share of each partner in the profits and losses shall not be in
proportion to what he may have contributed.
II. A contract of partnership must be in a public instrument if money only is contributed.
a. Only I is true
b. Only II is true
Page 10 of 15
c. Both are true
d. Both are false
19. I. A contract of partnership must be in a public instrument if movable property only is contributed.
II. If only the share of each partner in the profits has been agreed upon, the share of each in the losses
shall not be in the same proportion.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
20. I. The partnership shall not answer to each partner for the obligations he may have contracted in good
faith in the interest of the partnership business, and for risks in consequence of its management.
II. A contract of partnership must be in a public instrument if immovable property is contributed.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
21. I. A contract of partnership must be in a public instrument if money and industry are contributed.
II. The partnership shall not be responsible to every partner for the amounts he may have disbursed on
behalf of the partnership and for the corresponding interest, from the time the expense are made.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
22. I. If a partner authorized to manage collects a demandable sum which was owed to him in his own name,
from a person who owed the partnership another sum also demandable, the sum thus collected should he
have given it for the account of the partnership credit, the amount shall be fully applied to the latter.
II. A contract of partnership must be in a public instrument if money and movable property is contributed.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
23. I. A contract of partnership must be in a public instrument if money and immovable property is
contributed.
II. If a partner authorized to manage collects a demandable sum which was owed to him in his own
name, from a person who owed the partnership another sum also demandable, the sum thus collected
shall not be applied to the two credits in proportion to their amounts, even though he may have given a
receipt for his own credit only.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
24. I. A partner who has received, in whole or in part, his share of a partnership credit, when the other
partners have not collected theirs, shall not be obliged, if the debtor should thereafter become insolvent, to
bring to the partnership capital what he received even though he may have given receipt for his share
only.
Page 11 of 15
II. A contract of partnership must be in a public instrument if money and industry are contributed.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
25. I. A contract of partnership must be in a public instrument if movable property and immovable property
are contributed.
II. The partners shall contribute shares to the capital of the partnership as agreed upon.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
26. I. The partners shall not contribute equal shares to the capital of the partnership.
II. A contract of partnership must be in a public instrument if movable property and industry are
contributed.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
27. I. A contract of partnership must be in a public instrument if immovable property and industry are
contributed.
II. If the partnership expressly permits him to do so, an industrial partner can engage in business for
himself.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
28. I. An industrial partner can engage in business for himself.

II. If the contribution consist only in movable property, the partnership is void if the contract is not in a
public instrument.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
29. I. A partnership begins from the moment of the consummation of the contract, unless it is otherwise
stipulated.
II. A particular partnership has for its object generic things, their use or fruits, or a specific undertaking,
or the exercise of a profession or vocation.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
30. I. In a universal partnership of all profits, movable or immovable property which each of the partners may
possess at the time of the celebration of the contract shall pertain to the partnership.
Page 12 of 15
II. If the contribution consists in money, movable property, immovable property, and industry, the
partnership is void if the contract is not in a public instrument.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
31. I. If the contribution consists in movable property and industry, the partnership is void if the contract is not
in a public instrument.
II. A universal partnership of profits comprises all that the partners may acquire by their industry or work
during the existence of the partnership.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
32. I. In a universal partnership of all present property, a stipulation for the common enjoyment of any other
profits may also be made.
II. If the contribution consists in immovable property and industry, the partnership is void if the contract
is not in a public instrument.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
33. I. If the contribution consists only in money, the total of which is more than three thousand pesos, the
partnership is void if the contract is not in a public instrument.
II. In a universal partnership of all present property, a stipulation for the common enjoyment of any other
profits cannot be made, but the property which the partners may acquire subsequently by inheritance,
legacy or donation can be included in such stipulation.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
profits cannot be made.
II. If the contribution consists of movable properties, the total value of which is more than three thousand
pesos, the partnership is void if the contract is not in a public instrument.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
35. I. If the contribution consists in money and movable property, the total value of which is more than three
thousand pesos, the partnership is void if the contract is not in a public instrument.
II. A partnership of all present property is that in which the partners do not contribute all the property
which actually belongs to them to a common fund, with the intention of dividing the same among
a. Only I is true

Page 13 of 15
b. Only II is true
c. Both are true
d. Both are false
36. I. A partnership of all present property is that in which the partners contribute all the profits which actually
belongs to them to a common fund, with the intention of dividing the same among themselves, as well as
all the profits which they may acquire therewith.
II. If the contribution consists in movable property, the partnership contract is void if there is no inventory
of the said movable property.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
37. I. If the contribution consists in movable and immovable properties, the partnership contract is void if
there is no inventory of said immovable properties.
II. A universal partnership may refer to all the present property or to all the profits.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
38. I. A universal partnership may refer to all profits only.

II. If there is an inventory of the immovable properties contributed, the partnership contract is void if it is
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
39. I. If there is an inventory of the immovable properties contributed, the partnership contract is not void if it
is attached to the public instrument.
II. A universal partnership may refer to all the present property only.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
40. I. If there is an inventory of the immovable properties contributed, the partnership contract is void if it is
II. A person admitted as a partner into an existing partnership is not liable for all the obligations of the
incurred.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
profits may also be made.
II. A contract of partnership may not be constituted in any form.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
Page 14 of 15
profits cannot be made, but the property which the partners may acquire subsequently by inheritance,
legacy or donation can be included in such stipulation.
II. Every partnership shall operate under a firm name, which may not include the name of one or more of
the partners.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
profits cannot be made.
II. A contract of partnership may be constituted in any form if immovable property is contributed.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
44. I. A partnership of all present property is that in which the partners do not contribute all the property
which actually belongs to them to a common fund, with the intention of dividing the same among
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false
45. I. A partnership of all present property is that in which the partners contribute all the profits which
actually belongs to them to a common fund, with the intention of dividing the same among themselves,
as well as all the profits which they may acquire therewith.
II. A contract of partnership may be constituted in any form if movable properties only are contributed.
a. Only I is true
b. Only II is true
c. Both are true
d. Both are false

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Dear student,

ATTY. WARDEN DOMINGO

King’s College of the Philippines

Obligations of the Partners Aug. 19-Sept. 16, 4-7

3 Obligations of the Partners Sept. 17-18, 2020 7

Activities Sept. 21, 2020 7-15

King’s College of the Philippines

Business Laws and Regulations

King’s College of the Philippines

2. Partnership for a fixed term

3. Partnership for a particular undertaking

King’s College of the Philippines

5. An industrial partner cannot engage in business for himself

8. Obligation of a managing partner who collects debt

King’s College of the Philippines

17. Rules where the partnership books are to be kept.

King’s College of the Philippines

Lesson 3: Section 2: Property rights of a partner

1. Property rights of a partner.

2. Names to be included in the partnership name.

3. Liability of an admitted partner into an existing partnership.

King’s College of the Philippines

Instruction: Encircle the correct answer.

1. I. A contract of partnership may not be constituted in any form.

King’s College of the Philippines

King’s College of the Philippines

28. I. An industrial partner can engage in business for himself.

King’s College of the Philippines

38. I. A universal partnership may refer to all profits only.

King’s College of the Philippines

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