Take Home Quiz for BSBA-MA

Answer the questions stating your legal basis and analysis of the case given. Submit in a yellow sheet of
paper using only the frontal part of the page. Answers written on the dorsal side will not be checked.

1. What is a contract of partnership and what are its requisites? (5 points)

2. Assuming that there is a mutual contribution of money, property, or industry to a common fund,
is the receipt by a person of a share of the profits of a business conclusive evidence that he is a
partner in the business? (10 points)
3. What are the formalities required by law for the organization or constitution of a partnership? (5
points)
4. Erap and George formed a partnership to operate a car repair shop in Puerto Princesa. Erap
provided the capital while George contributed his labor and industry. On one side of their shop,
Erap opened and operated a coffee shop, while on the side, George put up a car accessories
store. May they engage in such separate business? Why? (10)
5. What are the different kinds of partners? (10)
6. What are the requisites prescribed by law in order that a partnership may be held liable to a
third person for the act of one of the partners? (10)
7. What are the three (3) final stages of a partnership? Discuss. (5)
8. Distinguish between a general partnership and a limited partnership. (5)
9. Who has the right or duty to wind up or liquidate partnership affairs?
10. What is the order of payment in the winding up of partnership liabilities? Discuss if:
a. It is a general partnership; and
b. It is a limited partnership. (10)