The following are obligations of partners, except;

Engage in business which is the same kind in which the partnership is in.

A partnership is dissolved in the following instances, except:

Partnership business can only be carried on at a loss

Choose the specific kind of partnership.

Universal Partnership of ALL PRESENT PROPERTY

Bonus 🎉🎉🎉😁

CPA!!!!!!, CPA!!!!!!, CPA!!!!!!, CPA!!!!!!

A limited partner shall be liable as general partner unless:

He was erroneously made a general partner

If a partner is insolvent, the first in the order of preference in the distribution of his assets is:

Separate creditors of the partner-debtor

Must have Special Power of Attorney to bind the partnership

studbud

RFBT: PARTNERSHIP

50 termsStudBud Administration33 plays

Partnership Concepts with a touch of Corpo

Flashcards50 cardsFPractice quizPHost liveL

Questions 50

Answers

1
Which is true?
I ONLY
None
II ONLY
Both
2
Choose the correct partnership being described.
De jure corporation
De facto partnership
Real partnership
De jure partnership
3
Is the governing body in a stock corporation .
Corporators
Board of trustees
Board of directors
Incorporators
4
Those who do not take active part in the business or affairs of the partnership though they share in profits/losses.
Dormant partner
Silent partner
Managing partner
Secret partner
5
Which is true?
I ONLY
NONE
II ONLY
BOTH
6
Those who contribute money or property and industry or both money and property, and also industry to common fund.
Capitalist-industrial partner
General-limited partner
Industrial partner
Capitalist partner
7
Which is true?
BOTH
NONE
I ONLY
II ONLY
8
Which is true?
I ONLY
BOTH
NONE
II ONLY
9
Is the governing body in non stock corporation.
Incorporators
Corporators
Board of directors
Board of trustees
10
The following are obligations of partners, except;
Give their promise contribution
Act as trustee for any profits derived w/out consent of other partners
Engage in business which is the same kind in which the partnership is in.
Not to convert partnership money to their own use.
11
Which is true?
I only
None
Both
II only
12
Which is true?
I ONLY
None
Both
II ONLY
13
Those who contribute only their industry or labor to the common fund
General partner
Capitalist partner
Limited partner
Industrial partner
14
See image
Liquidation
Termination
Dissolution
Winding up
15
Which is true?
II ONLY
I ONLY
Both
None
16
(see image)
Both are TRUE
Both are FALSE
Only I is FALSE
Only I is TRUE
17
Which is true?
I ONLY
BOTH
NONE
II ONLY
18
Which is true?
BOTH
I ONLY
II ONLY
NONE
19
A partnership is dissolved in the following instances, except:
Partnership business can only be carried on at a loss
Partnership business has become unlawful
Insolvency of a partner/partnership
Death of a partner
20
See image
De jure corporation
De facto corporation
Quasi-public corporation
GOCC
21
Which is true?
II ONLY
NONE
BOTH
I ONLY
22
See image
Incorporators
Corporators
Board of directors
Board of trustees
23
The following are disqualified to form a universal partnership, except one:
Husband and wife
Those guilty of same offense, if the partnership is in same consideration
Those guilty of adultery/concubinage
Brother and sister
24
Choose the specific kind of partnership.
None
PARTICULAR PARTNERSHIP
Universal Partnership of ALL PROFITS
Universal Partnership of ALL PRESENT PROPERTY
25
Which is true?
NONE
BOTH
I ONLY
II ONLY
26
See image
Right of subrogation
Right of dissolution
Right of indemnification
Right of lien or right of retention
27
Bonus 🎉🎉🎉😁
CPA!!!!!!
CPA!!!!!!
CPA!!!!!!
CPA!!!!!!
28
(see image)
Partnetship
Corporation
Joint Venture
Sole Proprietorship
29
A corporation consisting of more than one member
Corporation aggregate
Corporation sole
Open corporation
Close corporation
30
Which is true?
II ONLY
NONE
BOTH
I ONLY
31
Which is true?
I ONLY
NONE
BOTH
II ONLY
32
Which is true?
II ONLY
NONE
I ONLY
BOTH
33
Is one parts of his income is distributable as dividends to its members , trustees , or officers .
Corporation by prescription
Corporation aggregate
Non-stock corporation
Stock Corporation
34
Piliin ang tama 👇
Partnership with a fixed them
Partnership at will
Partnership for a particular undertaking
De facto partnership
35
Which is true?
BOTH
I ONLY
II ONLY
NONE
36
A limited partner shall be liable as general partner unless:
He takes part in the control of the business
his surname appears in the firm name
He was erroneously made a general partner
His contribution is industry
37
Which is true?
NONE
I ONLY
BOTH
II ONLY
38
The continuation of corporations and legal status despite changes in ownership or management.
Succession
Inheritance
Dissolution
Liquidation
39
Which is true?
I ONLY
II ONLY
NONE
BOTH
40
If a partner is insolvent, the first in the order of preference in the distribution of his assets is:
Pro-rata between the separate creditors and the partnership creditors.
Separate creditors of the partner-debtor
Partner's contribution to the partnership
Partnership creditors
41
See image
Partnership
Corporation
Corporation Sole
Sole Proprietorship
42
Which is true?
I ONLY
II ONLY
NONE
BOTH
43
Which is true
BOTH
I ONLY
NONE
II ONLY
44
Which is true?
BOTH
NONE
I ONLY
II ONLY
45
The following are the property rights of partners, except;
Rights to participate in management
Interest in the partnership
Appraisal rights
Rights in specific partnership property
46
(see image)
Consenting obligations contacted in good faith
Partner must act on behalf of the partnership
Must have Special Power of Attorney to bind the partnership
Contract must be in the name of the partnership
47
Those who contribute money or property or both money and property to a common fund.
Capitalist partner
Limited partner
General partner
Industrial partner
48
Which is true?
I only
Both statements
II only
None
49
Is a person admitted to all the rights of a limited partner who has died or has assigned his interest in a partnership
Substituted limited partner
Very special partner
Ostensible partner
Sub-partner
50
See image
Quasi-public corporation
GOCC
De facto corporation
De jure corporation

RFBT: PARTNERSHIP Flashcards | StudBud