A partnership may be formed and organized for charitable purposes.

• TRUE

• FALSE

Delectus personae is an element of a partnership which means

• a. Obligation to remain loyal to his partners

• b. Confidence and trust in his partners

• c. Right to choose his partners

• d. Distribution of profits among the partners

X and Y entered into a universal partnership of all present property. No stipulation was made regarding future property. After the perfection of the contract, X inherited a parcel of land and Y acquired a car as remuneration for services rendered. The properties acquired after the perfection of the contract belong to:

• a. land = X

  car= Y

• b. land = X

  car= partnershiP

• c. land = partnership

  car= Y

• d. land = partnership

  car= partnership

Which of the following omissions will make a partnership formed as a limited partnership liable as a general partnership?

I. The certificate is not signed and sworn to by all the partners.

II. The certificate is not registered with the Securities and Exchange Commission.

III The partnership name does not include the word “Limited” or “Ltd.”, its abbreviation, in the certificate.

• a. I and II.

• b. II and III.

• c. I and III.

• d. I, II and III

One of the following is not a requisite of a contract of partnership. Which is it?

• a. The articles are kept secret among the members.

• b. There must be a mutual contribution of money, property or industry to a common fund.

• c. There must be a valid contract.

• d. It is established for the common benefit of the partners which is to obtain profits and divide the same among themselves.

A partner who is both a secret and silent partner

• a. ostensible partner

• b. nominal partner

• c.dormant partner

• d. partner by estoppel

Althea, Amber and Aleina want to form a partnership with Althea contributing a parcel of land; Amber, office equipment; and Aleina, services. If the three were to form a limited partnership, who could be a limited partner?

• a. either Althea or Aleina or both of them

• b. either Amber or Aleina or both of them

• c. either Althea or Amber or both of them

• d. just one of them

A partnership without a definite period of existence and which can be dissolved at any time by any of the partners is called

• a. partnership by estoppel

• b. de facto partnership

• c. partnership at will

• d. notorious partnership

Future properties acquired through inheritance, legacy or donation, including the fruits thereof can be included in the stipulation regarding universal partnership of all present property.

• TRUE

• FALSE

The following persons are disqualified to form a universal partnership. Who are the exceptions?

• A. Those guilty of adultery and concubinage

• B. Husband and Wife

• C. Those guilty of the same criminal offense, if the partnership is entered into in consideration of the same

• D. Father and son