1.Which of the following may be a cause for voluntary dissolution? a.Death of general partner b.Civil interdiction of a partner c.Insolvency of a partner d.Expulsion of any partner
2. 1st statement- A Capitalist partner may not engage in any business unless there is a stipulation to the contract 2nd statement- Co-owners does not by itself establish a partnership notwithstanding sharing in the profitzs made by the use of property
3. Which of the following is considered prima facie evidence of the existence of a partnership? a. Where payment of interest on a loan varies with the profits of the business b. Where the parties are established as co-owners of a property c. The receipts of a person of a share of the profits d. The sharing of gross returns of a business
4. Which of the following liabilities of the partnership shall rank first in order of payment? a. those owing to partners in respect to capital b.those owing to partners other than capital and profits c.those owing creditors other than partners d. those owing partners in respect to profits
5. A and B are capitalist partners,with C as an industrial partner. A and B contributed 15,000.Each to the capital of the partnership.A contractual liability of 40,000 was incurred by the partnership in favor of X.In the case at Bar,the capital assets of 30,000 shall first be exhausted thereby leaving an unsatisfied liability of 10,000.X can recover the amount from
a.A and B only b.A,B and C c.A,B and C;C can recover for reimbursement from A and B d.C only
6.Olive and Jasmine agreed to form a partnership.Each contributed cash and personal properties worth of 100,000 to a common fund..But they did not register the partnership with the securities and exchanged commission a.the partnership is still valid b.the partnership is void c.the partnership is voidable d.the partnership is unenforceable
7.In case of imminent loss of the business of the partnership the following partners are required to give additional contribution except:
a.General partners b.Industrial partners c.limited partners d.none of the partners
8.!st statement- In the absence of stipulation,partners shall contribute equal share in the partnership capital 2nd statement- The receipt of a person of a share in the gross retuerns is disputable evidence that he is a partner in the business a.true,true
b.true,false c.false,false d.false,true
9. A partnership where by the partners contribute to a common fund all the property actually belonging to them at the time of the constitution of the partnership,with the intention of dividing the share among themselves as well as the profits which they may acquire therewith is called: a.Universal partnership of all present property b.Universal partnership of profits c.particular partnership d.partnership at will
10.The remedy of capitalist partners against an industrial partner who engaged in a business without the expressed permission from the partnership:
a. to compel the industrial partner to sell his interest to the said capitalist partners b. to remove him as manager if he is appointed as manager of the partnership c.to expel him from the partnership and claim for damages d.to exclude him from sharing in the profits of the patrnership
