Asked by equalize05 on coursehero.com A. X P6,000; Y P4,000; Z Nothing 2.
Which of the following is valid? A. Oral contract of partnership where a partner contributes real property with a value less than P3,000 3. A partnership whereby the partners contribute to a common fund all the property actually belonging to them at the time of the constitution of the partnership, with
the intention of dividing the same among themselves, as well as the profits which they may acquire therewith is called: A. Universal partnership of all present property 4. Bears the risk of things contributed to the partnership: A. Contributing partner 5. Three of
the following are the effects if immovable property is contributed in a partnership but the contract did not appear in a public instrument. Which is the exemption? A. A partnership has no judicial personality 6. A partner whose connection with the partnership is open and public, such as by including his name in the firm name of the partnership is called: A. Nominal partner 7. A partner who contributes money or property to the capital of the partnership is called: A. Industrial partner 8. Refers to a partnership whereby the persons who represent themselves, or consent to another or others to represent them to anyone that they are partners: A. General partnership 9. A and B were partners. A being the managing partner, invited C to associate with him in his share in the partnership. What are the rights of the partners? A. A may have C an associate in his share even without B's consent 10. A partnership which comprises all the profits that the partners may acquire by their work or industry during the existence of the partnership is called: A. Universal partnership of all present property 11. A and B orally agreed to form a partnership two years from today, each one to contribute P1,000. If at the arrival of the period, one refuses to go ahead with the agreement, can the other enforce the agreement? A. Yes, because the partnership contract is not governed by the Statute of Frauds 12. Which of the following statements is incorrect? A. An industrial partner who engaged in business for himself may be excluded from the partnership plus damages 13. A partnership is automatically dissolved, except: A. By the death of any partner 14. Which of the following statements is correct regarding the division of profits in a general partnership when the written partnership agreement only provides that losses be divided equally among the partners? Profits are to be divided: A. Based on the partners ratio of contribution to the partnership 15. A is the capitalist partner and B the industrial partner. A is engaged personally in the same kind of business the partnership is engaged in A. If there are losses, the partnership will bear the losses 16. Three of the following do not prove the existence of a valid partnership. Which is the exception: A. The sharing of gross receipts 17. A, B and C are partners of A Co. by contributing P10,000; P20,000 and services, respectively, to the capital. After 5 years, the assets of the partnership is only P9,000. The share of C in the remaining asset is: A. Equal to the share of A 18. Can only be made with the consent of all partners: A.
Waiver or compromise 19. A partner who contributes his work, labor, or industry to the common fund of the partnership is called:. A. Industrial partner 20. In case of an imminent loss of the business of the partnership, the following partners are required to give additional contribution, except: A.
Capitalist partner Answered by joabmumbo92 on coursehero.com um dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lo Unlock access to this and over Have an account? Log In Step-by-step explanationum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consect Can a capitalist partner engage in a business other than that of the partnership explain?An industrial partner cannot engage in business for himself, unless the partnership 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 mat have obtained in violation of this provision, with a right to damages in either ...
Can a capitalist partner engage in business similar to the kind of business in which the partnership is engaged?A capitalist partner may engage in the same line of business in which the partnership is engaged. An industrial partner may not engage in business for himself without the consent of his co-partner. An industrial partner who engaged in business for himself by be excluded from the partnership.
Is an industrial partner a limited partner?Anent the liability, all partners are liable to third persons. However, as between the partners, the industrial partner is not liable for losses while a limited partner is liable only to the extent of his contribution.
What is the remedy of the capitalist partner if an industrial partner engages in business for himself without express permission by the partnership?If the industrial partner engages in business for himself, without the express permission of the partnership, the capitalist partners have the right either to exclude him from the firm or to avail themselves of the benefits which he may have obtained. In either case, the capitalist partners have a right to damages.
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