LAW ON PARTNERSHIP

A limited partner may assign his interest to another person- True

As a rule, a limited partner shall be liable as a general partner if he allows the use of his
surname- True
A partner may be limited and general partner at the same time- True
A partnership intended to be formed as a limited partnership but without the word
“Limited” or “Ltd” – True
After dissolution, a partnership is still bound by the act of a partner- True
A general partnership is automatically dissolved by reason of insanity of a partner-
False
The private creditors of a partner shall have preference- True
Notice to any partner relating to partnership affairs is notice- True
When a partner is not authorized to act for the partnership and the act of the partner is
not for apparently- False
The partnership shall be solidarily liable with all partners- True
A partner may associate another person with him in share- True
A newly admitted partner is liable for the partnership debts- True
The partnership shall bear the loss of things- True
All partners including industrial one shall be liable pro-rata- True
An industrial partner can engage in business for himself if it if of a kind- False
When a partner has been appointed manager in the articles of partnership- False
A stipulation exempting a capitalist partner from losses is valid- False
The profits and losses of the partnership shall be divided equally among the partners if
they have no profit and loss sharing agreement- False
Spouses can validly enter into a particular partnership – True
A partnership for a fixed term or a particular undertaking which is continued- True
A man and woman living together as husband and wife without the benefit of marriage-
False
Articles of the universal partnership entered into without specification – False
In a universal partnership of profits, property belonging to each partner- True
In a universal partnership of all present property, the partners may stipulate- True
The sharing of gross returns does not of itself establish- True
A partnership whose capital in money or property amounts to P3,000- False
A partnership begins from the moment of execution of the contract- True
A partnership has a personality separate a distinct- True
A limited partner may contribute money and/or property- True
An artificial person like a corporation, may be a partner- False
Lazarte, a limited partner in Bellevue Company- Lazarte is bound to bring back the
partnership the amount of P100,000 plus
A limited partner is prohibited on account of his claim against- Transact business with
partnership
CLEAN Laundry Services Company is a partnership- CLEAN LAUNDRY SERVICES
COMPANY and all the partners solidarity
A partner is a co-owner with his partners of a specific partnership property- Allows a
partner to use such property for partnership purposes.
MACK’S restaurant is a partnership- No, because the other partners must give their
consent
CROWN Enterprises is composed of partners Chuck- Contract II only
Braganza, Ortiz and Nevado want to form a partnership- Only Nevado may be
appointed as manager
Braganza, Ortiz and Nevado want to form a partnership- Either Braganza or Ortiz or
both of them
Querubin, Roces and Solis are partners in a law firm- Results in the dissolution of
partnership
Palacios, Atienza, Tablante, Elamparo, Robledo, Ocampo- Palacios and Atienza may
decide by themselves
Daoang and Depante have been partners for more than 5 years- Daoang and Depante
continue to be partners despite Daoang’s conveyance
Barranda wrote Salvador a letter- Barranda and Bermudez since they are partners
Trevor owes P3,000.00 to CHAMP Company- Payment will be applied in its entirely
to CHARLES’ credit
Aseron, the managing partner of ACE company- Aseron will still be liable to the firm
for damages
MAGIC Company is a partnership- The payment will be applied proportionately to
the credits of MAGIC
PARAGON Enterprises, a partnership engaged- Tadena is not a partner of Pacis,…
A person admitted as a partner into an existing partnership- Obligations of the
partnership incurred BEFORE his admission
LIFE company, a partnership engaged in the water- LIFE Company and the four
partners are SOLIDARILY liable
Ornussa, the owner of a vacant lot – The relationship of Ornussa and Florida is not
only that of a lessor and lease
Which of the following statements concerning the name of a partnership is false- The
partnership cannot adopt a name which does not include
Donna, Emma, Alma and Rona are partners in DEAR company- The payment of
P4,500.00 will be applied entirely to Donna’s credit
TRIUMPH Company, a partnership engaged in buying- The group of Ramon and
Marcos will prevail
TRIUMPH Company, a partnership engaged in buying- The group of Tomas, Ignacio
and Urbano will prevail
TRIUMPH Company, a partnership engaged in buying- The group of Ramon, Pablo
and Hilario will prevail
TRIUMPH Company, a partnership engaged in buying “A VOTING AMONG THE
PARTNERS” - The group of Tomas, Ignacio, Urbano and Marcos will prevail
Sibal, Untalan, Pareno, Eusebio and Rances- SUPER is liable to Masterpaint only
MARK Company, is a partnership- All the partners
GREAT company, a partnership engaged- Transaction I only
The following partnership contracts were presented for evaluation- Each partnership
has a separate juridical personality
John Solanda and Sons is a partnership composed of three partners- Statement I is
false, Statement II is true
Federico, Alberto, Sofronio and Teodoro- Federico,none; Alberto, P48,000; Sofronio
P72,000; and Teodoro, none
PATOK enterprises, a partnership- The payment shall be applied to Olga’s credit only
Which of the following will not cause the automatic dissolution- Insanity of an industrial
partner
Bettina, Erlinda, Amanda…- All the partners are agents
Fernando, Filoteo, Foretunato, and Fulgencio are partners- Filoteo may be validly
exempted from losses
Wimla, Olga and Wynona- The partnership will be considered a general partnership
Which of the following will not cause the automatic dissolution of the general
partnership- Insanity of a partner
Josephine, Ellen, Wilma, Edith and Lydia “NOTE: MAY SAME CHOICE SA QUESTION”
- Edith may not be held liable with her separate property for partnership debts
after the exhaustion of partnership assets
Belinda, Ara, Rica and Klaudia are partners- Klaudia may engage in the buying and
selling
One of the distinctions between partnership and a corporation- May exist for an
indefinite period
Which of the following will not caused the automatic dissolution of a limited partnership-
Death of a limited partner
What is the order of payment of liabilities- II,III,IV,I,VI,V.
If the assignee does not become the partner- The inspection of the partnership
books or account of partnerships transactions.
A person admitted to all the rights of a limited partner- A substituted limited partner
Which of the following omissions will make a partnership formed- I,II and III
A limited partner shall be liable as general partner in three- When his surname which
appears…
A limited partner may contribute- Money and/or property
In a limited partnership where there are 4 partners- It is enough that there is one
limited partner,
What is the order of payment of liabilities if a dissolved- II, I, IV and III.
The partnership is not bound by the acts- When THE partner has no authority…
When is the partnership not bound by the act/s of a partner- New transactions where
the third person is a NEW creditor
Three of the following will cause the dissolution- A partner becomes in any way
incapable
A decree by the court is necessary to dissolve- A partner is civilly interdicted
The change in the relation of the partners caused by any ceasing- Dissolution of the
partnership
Which of the following statements is incorrect- Partnership creditors are preferred as to
each partner’s separate assets.
Assuming that no fraud is committed- Knowledge of partner NOT acting on the
particular matter
Benito, Ignacio, Gregorio, Artemio and Servando- Gregorio buying a van for the
partnership
In three of the following wrongful acts of partners- For loss or injury caused to a third
person by reason of the use of partnership
Torres is indebted for P5,000.00 to MACE- To both partnership credit and
Mendoza’s credit
A partner’s interest in the partnership is his share- The assignee has the right to receive
the profits
The partnership will bear the risk- Things contributed so that only their use and fruits
Campos, Urbano, Tamesis and Encanto- From the PARTNERSHIP OF P200,000
The following statements pertain either to a partner appointed as manager- I and III
pertain to a partner appointed as manager
Which of the following statements is false when no one among the partners- Anyone
may make an important alteration
A partner can engage in a business for himself- A capitalist partner and business he will
engage
Which of the following stipulations is valid- A stipulation exempting an industrial partner
from losses
Gregory, Edmond and Mark- Gregory, P2,000; Edmond P3,000; and Mark P4,000.
Which of the following losses will not cause dissolution of partnership- Loss of a
specific thing..
Teresa, Olga, Pamela, and Sonia- The partnership for its assets P150,000;
thereafter from Teresa, Olga and Sonia…
John, Albert and Wilbert- JAW enterprises for its assets of P120,000. Thereafter, John,
Alfred, Wilbert and SIMON…
John, Albert and Wilbert- Partner by estoppel
Three of the following partnership contracts are void- A particular partnership between
husband and wife
A partnership formed for the exercise of a profession- Particular partnership
Vincent and James entered into a universal partnership- Salary of P500,000
Joseph and Edward entered into a universal partnership- Vacant land
If the partnership has the minimum capital mentioned- Still acquires juridical personality
The minimum capital in money- P3,000.00
One of the following is not a requisite of contract in partnership- The articles are kept
secret
One of the following is not a characteristic of contract of partnership- Real, in that the
partners must deliver
A contract where two or more persons- Partnership
Generally, a contract of partnership is- A preparatory and consensual contract
A,B, and C formed ABC Corporation- ABC Corporation and ABC partnership are
considered……. Further the law treats ABC Corporation…
As distinguished from a partnership, a joint venture- Is usually limited to a single
transaction
As distinguished from a corporation- is created by the agreement of parties and not by
operation of law
As distinguished from stockholders of a corporation- have unlimited liability
I. The partnership can exist even before the existence of a common fund- S1 is
true, S2 is false
What is the primary purpose of establishing a partnership – to obtain profits and divide..
Daryl and Cris are the heirs- No, co-ownership does not itself establish a partnership
In which of the following cases is receipt by a person of share- Receipt as one the
managing professionals…
In a universal partnership of all profits- II AND III ONLY
Tsip and Makiboy- Tsip and Makiboy may stipulate that the INCOME from the
parcel of land
Clarkson, Donovan and Embiid – Any contract that the partners may enter into after
the two-year period is VALID
Which of the following partnership has complied- Partnership de jure
It is a partner who does not take the active part- Silent partner
When immovable party or real rights are contributed- Must appear in public instrument
The partnership contract must appear in a public instrument- At least 3,000
Generally, a contract of partnership- can be entered in any form
Failure to comply with the requirement- Will not be able to produce any legal effect
The managing parties may be appointed- Either in the articles of the partnership
Kyle, Kyla and Lei- Yes, the partners may do so at any time…
Kitchie, Orline, Khervy and Maki- Kitchie, Khervy and Maki must vote in favor of the
contract
In case there is stipulation that none of the managing parties- The concurrence of all
is necessary…
When the manner of agreement is not agreed upon- All partners will be considered
as agents of partnership
Which of the following should be first considered in determining how profits- Agreement
When an unlawful partnership is dissolved- Shall be confiscated in favor of the State
Who among the following is not liable for losses- Industrial Partner
I. A stipulation excluding one or more partners from any share- Statement I is
true, Statement II is false
Upon exhaustion of the partnership assets- All the partners are liable to pro-rata and
subsidiarily
I. Any stipulation against individual liability of the partners is valid - Both
statements are false
Partners are representing the controlling interest- Both statements are false
The partnership can recover real property- The grantee does not have the knowledge…
For the wrongful acts of a partner- Both the erring partner and the partnership is liable,
solidarily.
Partnership creditors are preferred on partnership property- Both statements are true
It is the change in the relation of the partners- Dissolution
Which of the following loss would dissolve a partnership by operation of law- Loss of a
specific thing which a partner had promised to contribute BEFORE delivery.
Which of the following does not dissolve a partnership by operation of law- Absence of a
partner
The courts can declare a partnership is dissolved- Both statements are true
Aside from the partner designated in the agreement- The legal representative of the last
surviving solvent partner
The limited partners- Shall not be bound by the obligations of the partnership.
THEIR PERSONAL ASSETS SHALL NOT BE USED to satisfy…
A limited partnership- Shall have one or more limited partners
A limited partner has no right to participate in the management of the partnership- Both
statements are true
Failure to file the certificate required for a limited partnership – The partnership
becomes a general partnership, but only with the respect to third persons
Which of the following acts may not be done- Received or hold as collateral security in
any partnership property
In the settlement of accounts of a limited partnership upon dissolution- III,IV,I,II
B, C and D are friends- C and D only