Partnership

A, B and C are siblings. They acquired lots with the intention of dividing the lots among themselves for residential purposes. However, they abandoned their original purpose because of the high cost of construction and decided to resell the properties and dividing the profits in the process. Is there partnership between them?

• Yes, because their intention in reselling the property is to divide the profits among themselves.

• No, because the division of profits was merely incidental to the dissolution of the co-ownership.

A and B are father and son. They bought a lot and building, entrusted the administration of the building to an administrator and divided equally the net income. Is there a partnership?

• Yes, because when they purchased the lot and building their intention is to use it for business and divide the income among themselves.

• No, because their agreement is unregistered, and hence, the same is a mere co-ownership.

A, B and C are the partners of MaRoMi Partnership. MaRoMi entered into a contract of loan with Rannie in the amount of P100,000.00. The loan was secured by the Real Estate Mortgage covering the real property of MaRoMi located at Plaza Burgos, Guagua, Pampanga. MaRoMi failed to settle its loan with Rannie and thus, its property was foreclosed. A redeemed the property. Does A become the the exclusive owner of the property?

• Yes, because the property was already foreclosed and he redeemed it.

• No, because every partner must account to the partnership for any benefit derived by him without the consent of the other partners from any transaction connected with the formation, conduct or liquidation of the partnership or from any use by him of its property.

What is MUTUAL AGENCY RULE?

• The partners choose with whom they will enter into a partnership agreement, who will be accepted int heir partnership and whether they will remain to be partners.

• Every partner is the agent of the partnership for the purpose of its business.

• Partners share in the profits and any stipulation which includes one or more from any share in the profits (or losses is void.

• A partner owes duty to inform his or her co-partners of all information regarding partnership affairs.

Anne is a partner of Rogelio and Mario in a syphoning business (ARM Syphoning). For five years, their business went smoothly. In fact, Anne felt that she and Mario are meant to be partners, not just for business but for life. When she decided to finally tell Mario of her love, she was surprised when Mario told her that he and Rogelio are inviting her for their marriage in New York. Broken-hearted, Anne decides to back-out of their partnership. Can the partnership be dissolved?

• No because Anne is in bad faith.

• No because everyone has to consent to dissolve by will.

Anne is a partner of Rogelio and Mario in a syphoning business (ARM Syphoning). For five years, their business went smoothly. In fact, Anne felt that she and Mario are meant to be partners, not just for business but for life. When she decided to finally tell Mario of her love, she was surprised when Mario told her that he and Rogelio are inviting her for their marriage in New York. Broken-hearted, Anne decides to back-out of their partnership. Can Marko and Rogelio, instead of dissolving the business, just look for another partner to replace Anne?

• No because of delectus personae

• No because of everyone has to consent.

Anne is a partner of Rogelio and Mario in a syphoning business (ARM Syphoning). For five years, their business went smoothly. In fact, Anne felt that she and Mario are meant to be partners, not just for business but for life. When she decided to finally tell Mario of her love, she was surprised when Mario told her that he and Rogelio are inviting her for their marriage in New York. Broken-hearted, Anne decides to back-out of their partnership. Anne owes William P1Million, can William validly recover from the partnership upon its dissolution for the P1Million that Anne owes him?

• No. It is Anne who owes the P1Million and not ARM

• No. It is during liquidation that there is payment to the creditors.

Anne is a partner of Rogelio and Mario in a syphoning business (ARM Syphoning). For five years, their business went smoothly. In fact, Anne felt that she and Mario are meant to be partners, not just for business but for life. When she decided to finally tell Mario of her love, she was surprised when Mario told her that he and Rogelio are inviting her for their marriage in New York. Broken-hearted, Anne decides to back-out of their partnership. Assuming that ARM Syphoning is a limited partnership, what is the arrangement of the payment? (1.) Unpaid wages of employees; (2.) Anne’s share as a limited partner in the profits; (3.) Anne’s property, which he contributed in the common fund of the partnership; (4.) Rogelio’s share as a general partner in the profits; (5.) Mario’s P100,000, which she lent to the partnership.

• 23451

• 12345

• 23415

• 13245

Who is a capitalist partner?

• One who contributes money or property

• One who contributes industry

• One who controls and manages the partnership and is liable for partnership obligations

• One who is designated as the person who will administer the affairs of the partnership

A corporation cannot become a member of a partnership in the absence of express authorization by statute or charter.

• True

• False

• F