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Worksheets2. Partnership
Total questions: 20
Worksheet time: 10mins
Which of the following is not a characteristic of a contract of partnership?
Onerous
Preparatory
Real
Principal
A partnership which has for its object determinate things, their use or fruits, or a specific undertaking, or the exercise of a profession or vocation
Universal partnership of present property
Universal partnership of profits
Particular partnership
Limited partnership
A universal partnership is void, except:
An inventory is not made when an immovable property is contributed.
If the purpose or object is against the law, morals, public order, public policy and custom.
When made by persons who are prohibited in giving each other donation.
When there is no agreement as to profits and losses
Statement 1: In the absence of stipulation, the share of industrial partner in the profits shall be equal to the share of a capitalist partner with the smallest share.
Statement 2: The industrial partner shall not share in the losses unless stipulated
First statement is false, the second is true.
First is true, second is false.
Both are true.
Both are false.
Based on the facts in the preceding question, in 2022, how much is the share of Jihyo, a limited partner, in the net loss of P500,000? (1%)
0
P100,000
P125,000
P200,000
X, Y, and Z are partners who contributed equally to the capital of the partnership. A owes the partnership P9,000.00 Z collected from A P3,000.00 before X and Y could receive anything from A, who later became insolvent and therefore they could not collect their shares.
Partner Z shall share the P3,000.00 with his co-partners X and Y.
Z cannot be required to share what he already received from A.
X and Y should first exhaust all remedies to collect from A.
X and Y can automatically deduct from the capital contribution of Z in the partnership their respective shares in the P3,000.00.
M, J, and G formed a general partnership with a capital of P100,000 and the partners contributing 50%. 30%, and 20%, respectively. O has a claim of P160,000 against the partnership. If O files a suit to collect her claim, which of the following is not correct?
All the partners are liable to the extent of their separate property.
All the partners shall be liable pro-rata with all their property only after the partnership assets have been exhausted
The personal liability of the partners is merely joint and not solidary
After exhaustion of the partnership assets, M. J and G shall be liable 50%, 30%, and 20%, respectively, of the unpaid claim.
The following are limitations of a limited partner, except:
He can contribute cash or property, but not services
He cannot be a general partner at the same time
His surname shall not appear in the partnership name
He cannot participate in the management of the business.
In a partnership, the liability of partners shall be joint and solidary
I. Obligations in favor of partnership suppliers by virtue of sales contract
II. Obligations in favor of a partnership client for return of deposits misappropriated by one of the partners
Ill. Obligations in favor of a pedestrian hit by the delivery van driven by one of the partners in the course of partnership business
I and II
Il and III
I and Il
I, II and III
A. B, and C are partners in ABC Company. D represented himself as a partner in the partnership to E who, on the belief of such representation, extended credit of P50,000 to the partnership. Assuming only B and C consented to such representation, who shall be liable to E?
All of A, B, C, and D are liable because of partnership liability for the credit extended to the partnership E.
B, C, and D are partners by estoppel and thus, are liable to E pro rata.
Partners A, B, and C are liable to E for the benefit extended to them.
Only D who made the representation is liable to
Which of the following is an automatic ground for dissolution of general partnership?
The business of the partnership can only be cared on at a loss
A partner is shown to be of unsound mind
A partner has been guilty of such conduct as lends lo affect prejudicially the carrying on of the business.
A partner is civilly interdicted.
Which of the following claims shall be paid last in the liquidation of general partnership?
Those owing lo partners in respect of profits
Those owning to the creditors other than partners
Those owing to partners in respect of capital
Those owing to partners other than capital and profits
J, E, W, E, and L are partners in JEWEL Company, Ltd. J, E, and W are general partners, E is a general-limited partner, while L is a limited partner. Based on the foregoing information, which of the following statements is false?
J, E, and W may be held liable with their separate property after the exhaustion of partnership assets
E may participate in the management of the partnership
E may not be held liable with her separate property of partnership debts after the exhaustion of partnership assets
L may be held liable with her separate property for partnership debts after the exhaustion of partnership assets
A limited partner who takes active participation in the management of the partnership shall become
A managing partner
A general partner
Liable as general partner
An ostensible partner
As regards a limited partner. Which of the following is correct?
He is automatically an agent for the partnership with apparent authority to bind the limited partnership in a contract
He cannot own limited partnership interest in other competing limited partnership
He has no liability to creditors even if he takes part in the control of the business as long as he is held out as being a limited partner
He can contribute money and/or property but not services
Statement 1: As a rule, a limited partner whose surname appears in a partnership name contrary is liable as a general partner to partnership creditors
Statement 2: If the limited partner takes part in the control of the business, he is likewise liable as a general partner
Both statements are correct.
Only the first statement is correct.
Only the second statement is correct.
Both statements are not correct.
If an immovable property is contributed to a partnership, the contract of partnership must
Be in a public instrument
Signed by the parties
Contain an inventory of the immovable contributed
All of the above
Which of the following cannot enter into a universal partnership?
Brothers and sisters
A man and a woman living together as husband and wife without the benefit of marriage
Private person and public officer
A Filipino and a foreign individual
A and B entered into a universal partnership of all present property. At the time of their agreement, A had a 10-hectare agricultural land, which he inherited from his father. B, on the other hand, owned a five-door apartment which he bought from C. During the 1 year of the partnership, A harvested crops on his agricultural land worth 500,000, while B received rentals from the partnership amounting to 400,000. In the same year, A's mother died and A inherited from her a fish pond. The partners had a stipulation that future property shall belong to the partnership. Which of the following does not belong to the common fund of the partnership?
The agricultural land
The crops worth 500,000
The fish pond
Any income that will be received from the fish pond
The receipt by a person of a share of the profits of a business is prima facie evidence that he is a partner in the business and it is given
A payment of a debt by installment or otherwise
As wages or rent
As an annuity to a widow or representative of a deceased partner
As his interest in the partnership
