1.

The following are allowable business transactions of a limited partner with the
partnership except:
TO TRANSACT BUSINESS WITH OTHER PARTNERSHIP OF THE SAME
NATURE
2. The general partners in a limited partnership can only do acts of administration.
The general partners must secure a written consent or ratification by all the
limited partners.

BOTH STATEMENT ARE TRUE

3. All are legal relations created by a contract of partnership except.

RELATIONS BETWEEN PARTNERS AND CORPORATION

4. The retirement, death, insolvency, insanity, or civil interdiction of a general

partner does not dissolve the partnership
THE STATEMENT IS FALSE

5. Liability means equally or joint

PRO RATA

6. It is the best legal evidence of aa person’s ownership rights in property, an

instrument that constitutes such evidence.
TITLE

7. It refers to all the present property or to all the profits

UNIVERSAL PARTNERSHIP

8. A right that is connected with a thing rather than a person. It includes ownership,
use, habitation, usufruct, predial servitude, pledge.
REAL RIGHT
9. Tia and Rob, both CBA, entered into a contract of partnership to engage in
accounting and tax consultancy. What kind or partnership they have entered
into?
PARTICULAR PARTNERSHIP

10. It is a kind of winding up wherein liquidation is done under the control and
direction of the court upon proper cause that is shown to court.
JUDICIAL

11. The sharing of gross returns does not of itself establish a partnership.
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.
BOTH STATEMENT ARE TRUE

12. What is the meaning of reasonable hour according to the Supreme Court ruling
that every partner shall at any reasonable hour have access to and may inspect
partnership books.
BUSINESS DAYS THROUGHOUT THE YEAR

13. The three consecutive final stages of partnership are:

DISSOLUTION, WINDING UP, TERMINATION

14. As compared to general partnership which can be verbal, a limited partnership

must always be in writing. There is no limited partnership in case of non-
compliance with the statutory requirements.
BOTH STATEMENT ARE TRUE

15. The following are characteristics of partnership except:

UNILATERAL

16. The following are characteristics of partnership except:

OSTENSIBLE
17. A document prepared by a notary public in the presence of the parties who signs
in before witnesses.
PUBLIC INSTRUMENT

18. The following has the obligation to render the partnership accounts except:
ORIGINAL PARTNERS

19. Every partners is a debtor of the partnership for whatever he may have promise
to contribute thereto.
The mutual contribution to a common fund is the first test in order to have a
contract of partnership.
BOTH STATEMENT ARE TRUE

20. A partner shall not be deprived of his right under the exemption laws, as regards
his interest in the partnership.
A partner can avail himself of the exemption laws in so far as his right in specific
partnership property is concerned.
ONLY THE FIRST STATEMENT IS RUE

21. Those who do not continue to the partnership business after the dissolution of
the partnership
DISCONTINUING PARTNERSHIP

22. It is one where the life or period of existence of the partnership has been agreed
upon by the partners.
PARTNERSHIP WITH A FIXED TERM

23. In what final stage of the partnership is contracting with a demolition company for
a demolition of the garage used in a “used car” partnership part of.
WINDING UP

24. Association has no juridical personality

Partnership has juridical personality
BOTH STATEMENT ARE TRUE
25. In general partnership, an industrial partner is not liable for losses unless he
waived his right.
The power of manager in articles of partnership is revocable without just or lawful
cause.
ONLY THE FIRST STATEMENT IS TRUE

26. In a commercial partnership, all partners are managers unless one or some are
designated as managers.
In stock corporation, partner may not dispose of his interest unless agreed upon
by all of the partners.
ONLY THE SECOND STATEMENT IS TRUE

27. Every partnership shall operate under a firm name, which may or may not include
the name of one or more partners.
Those who, not being members of the partnership, include their names in the firm
name, shall be subject to the liability of the partner.
BOTH STATEMENT ARE TRUE

28. It is a group of men pursuing a learned art as a common calling in the spirit of
public service
PROFESSION

29. It pertains to the right t choose whom a person wishes to associate himself
DOCTRINE OF DELECTUS PERSONAE

30. It is the nature of a contract of partnership that is fiduciary, based on trust and
confidence governed by the partners.
Every partner is an agent of the other partners and the partnership.
BOTH STATEMENT ARE FALSE

31. The general rule is that notice to partner is not notice to the partnership.
All partners are liable jointly with the partnership for everything chargeable to the
partnership

BOTH STATEMENT ARE FALSE

32. Two or more persons desiring to form a limited partnership shall
SIGN AND SWAER TO CERTIFICATE AND FILE FOR RECORD THE
CERTIFICATE IN THE SEC

33. If the partnership assets were exhausted, the partners shall contribute the
amount necessary to satisfy the liabilities.
The individual property of a deceased partner shall be liable for his share of the
partnership liability while he was a partner.
BOTH STATEMENT ARE TRUE

34. These are partners in an existing legal partnership.

REAL PARTNERS

35. Bob, Tom and Sam entered into a contract of partnership. Bob contributed cash
in the amount of Php 200,000. Tom contributed his only parcel of land. Sam
contributed his only truck. Is the right of Bob, Tom and Sam subject to legal
support?
NO, BECAUSE A PARTNER’S RIGHT IN SPECIFIC PARTNERSHIP
PROPERTY IS NOT SUBJECT TO LEGAL SUPPORT

36. It means the extinguishment of the charge or attachment on the partner’s interest
in the profits.
REDEMPTION

37. An industrial partner cannot engage in business for himself unless the
partnership expressly permits him to do so.
If there is no agreement to the contrary, In case of imminent loss of the business
of the partnership, any partner who refuses to contribute an additional share to
the capital shall be obliged to sell his interest to other partners.
BOTH STATEMENT ARE TRUE

38. It refers to he remedy available to a judgment creditor of a debtor-partner to

charge the interest of the latter in the partnership by means of a court order for
the purpose of satisfying the amount of judgments
CHARGING ORDER
39. It means the liabilities are greater than the assets
INSOLVENCY

40. It is an interest held by virtue of an equitable title or claimed on equitable grounds

such as the interest held by a trust beneficiary.
EQUITABLE INTEREST

41. If the partnership is a universal partnership, a husband and wife cannot enter into
such contract. However, if the partnership is a particular partnership, they can
BOTH STATEMENT ARE TRUE

42. The dissolution of the partnership does not of itself discharge the existing liability
of any partner.
As a rule, when a partnership is dissolved, any of the partners cannot bind the
partnership.
BOTH STATEMENT ARE TRU

43. The following are the rights of a partner who is entitled to rescind except
RIGHT TO DEMAND

44. Limited partnership can be entered into verbally

The contribution of a limited partner may be cash or property but not service
BOTH STATEMENT IS TRUE

45. It is a statement in which someone admits that something is true or that he or she
has done something wrong
ADMISSION

46. It means that the partners’ separate property may be held liable only after the
partnership creditor’s exhausted the assets of the partnership
SUBSIDIARY
47. Polo, Veronica, and Betty entered into a contract of partnership. There was no
stipulation as to who will be the manager. Who do you think can perform acts of
administration as a managing partner?
EITHER OF THE THREE PARTNERS

48. Every partner may associate another person with him in his share but the
associate shall not be admitted into the partnership without the consent of all the
other partners, even if the partners having an associate should be manager
CONTRACT OF SUB PARTNERSHIP

49. The contract of partnership should always be in writing.

Every contract of partnership having capital of 3,000 pesos or more shall appear
in a public instrument which must be recorded in the SEC Office.
ONLY THE SECOND STATEMENT IS TRUE

50. Limited partners are given priority over general partners.

Moreover, profits are given priority over capital
BOTH STATEMENT ARE TRUE

51. It Is a point in time after all the partnership affairs have been wound up
TERMINATION

52. The purpose of partnership is the common enjoyment of a thing or right.

Co-ownership is merely for profit
BOTH STATEMENT ARE FALSE

53. No formal accounting is demandable until after the dissolution of the partnership.
The capitalist partner cannot engage for their own account in any operation
which is of the kind of business in which the partnership is engaged, unless there
is a stipulation to the contrary
BOTH STATEMENTS ARE TRUE

54. Those whose contribution to the partnership represents the majority or controlling
interest
MAJORITY PARTNERS
55. The individual property of a deceased partner shall be liable for his share of the
partnership liability incurred while he was a partner.
His separate creditors have no preference over these individual properties
ONLY THE FIRST STATEMENT IS TRUE

56. The following are characteristics of limited partnership except:

LIMITED PARTNERS ARE PERSONALLY LIABLE FOR PARTNERSHIP
OBLIGATION

57. The partners whose connection with the partnership is not known to the public
SECRET PARTNERS

58. It means the dissociation by a partner, inclusive of resignation or withdrawal from

the partnership that thereby dissolves it
RETIREMENT

59. It refers to the remedy available to a judgment creditor of a debtor-partner to

charge the interest of the latter in the partnership by means of a court order for
the purpose of satisfying the amount of judgment
CHARGING ORDER

60. Interest is assignable in general partnership

Interest is not assignable in limited partnership
BOTH STATEMENT ARE FALSE

61. The partnership of Sucre, Bellick and Franklin was dissolved because Sucre
turned insolvent. Thereafter, Sucre entered into a contract with Suzan.
Can the partnership be held liable for Sucre’s acts?
YES BECAUSE SUCRE IS STILL AN AGENT OF THEIR PARTNERSHIP

62. Capitalist partners are not bound to contribute additional capital.

The partners shall contribute equal shares to the capital of the partnership
BOTH STATEMENT ARE TRUE
63. A partnership transacting business with third persons is disputably presumed to
be a general partnership.
A limited partner violating the article on the use of surname is liable as general
partner.
BOTH STATEMENT ARE TRUE

64. He is a person admitted to all the rights of a limited partners who has died or has
assigned his interest in the partnership.
SUBSTITUTED LIMITED PARTNER

65. Co-ownership is created by contract and law

Partnership is created by contract only
BOTH STATEMENT ARE TRUE

66. Bob, Tom and Sam entered into a contract of partnership. Bob contributed cash
in the amount of Php 200,000. Tom contributed his only parcel of land. Sam
contributed his only truck. Is the right of Bob, Tom and Sam subject to legal
support?
NO BECAUSE A PARTNER’S RIGHT IN SPECIFIC PARTNERSHIP
PROPERTY IS NOT SUBJECT TO LEGAL SUPPORT

67. The first test to determine the existence of a partnership is

TO DETERMINE WHETHER OR NOT THERE IS AN AGREEMENT TO
CONTRIBUTE MONEY, PROPERTY OR INDUSTRY

68. The following are property rights of a partner except

HIS RIGHTS IN GENERAL PARTNERSHIP PROPERTY

69. He can do all acts of administration

MANAGING PARTNER

70. Those who can be held liable to third persons for partnership obligations even to
the extent of their property
GENERAL PARTNERS
71. It is a kind of winding up wherein liquidation is done under the control and
direction of the court upon proper cause that is shown to court
JUDICIAL

72. It is the voluntary transfer of a right or of a property.

CONVEYANCE

73. It means the dissolution by a partner, inclusive of resignation or withdrawal from

the partnership that thereby dissolves it.
RETIREMENT

74. The dissolution of the partnership does not of itself discharge the existing liability
of any partner.
As a rule, when a partnership is dissolved, any of the partners cannot bind the
partnership
BOTH STATEMENT ARE TRUE

75. What can be the contributions of a limited partners to the limited partnership
MONEY OR PROPERTY OR BOTH

76. Linc, Mike, Sara, and LJ formed a limited partnership where Linc and Mike are
the general partners and Sara and LJ are the limited partners. Subsequently,
Linc died. Did the death of Lin dissolved the limited partnership?
YES, THE PARTNERSHIP IS DISSOLVED UPON THE DEATH OF LINC
UNLESS IT IS CONTINUED WITH THE CONSENT OF MIKE SARA AND LJ

77. Ron and Kle entered into a contract of partnership for a period of 5 years. If on
the 3rd year of business operation, Kle does not want to continue the business
without any valid reason, hence the partnership is dissolved. Is Kle liable for any
violations or not?
KLE IS LIABLE FOR BREACH OF CONTRACT

78. Those whose contribution o the partnership represents the minority interest
NOMINAL PARTNERS
79. It is a group of men pursuing a learned art as a common calling in the spirit of
public service
PROFESSION

80. It is the point of time after all the partnership affairs have been wound up
TERMINATION

81. It is the excess of receipts over disbursement

Surplus

82. The partnership which will exist until the purpose is accomplished
PARTNERSHIP FOR A PARTICULAR UNDERTAKING

83. It refers to the change in the relation of the partners caused by any parter
ceasing to be associated in the carrying on as distinguished from the winding up
of the business
DISSOLUTION

84. All among the following has the right to demand true and full information of all
things affecting partnership except
LEGAL COUNSEL OF THE PARTNERSHIP

85. Those partners whose connection with the partnership is not known to the public
SECRET PARTNERS

86. It is an entity, created by law and given certain legal rights and duties of a human
being, real or imaginary, who for the purpose of legal reason is treated more or
less as a human being
JURIDICAL PERSON

87. It is a diligence in the performance of a task. A particular form or branch of

productive labor
INDUSTRY
88. The following are the essential requisites of partnership except
THERE MUST BE A CONTRIBUTION OF MONEY PROPERTY ONLY

89. It deprives the offender during the time of his sentence of the right to manage his
property and dispose of such property by any act or any conveyance inter vivos
CIVIL INTERDICTION

90. If a partner, in his own name, enters into a contract with third person, then all the
partners are liable including the partnership
Only the second statement is ttrue