Disadvantages of Sole Proprietorship and Partnership
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Questions and Answers

In a partnership, can a partner transfer his interest without the consent of other partners?

  • No, only consent of the majority of the partners is required.
  • Yes, as long as the majority of the partners agree.
  • No, unanimous consent of all existing partners is required. (correct)
  • Yes, the partner can transfer his interest at any time.

    • What is the default term of existence for a corporation according to the Revised Corporation Code?

  • 10 years
  • Perpetual existence (correct)
  • Subject to annual renewal
  • 5 years

    • When can a partnership be dissolved before the agreed term?

  • Whenever there is a cause under Art.1830 and 1831. (correct)
  • Only if all partners unanimously agree to dissolve it.
  • If any partner wants to leave.
  • If one partner becomes incapacitated.

    • Which type of corporation has the right of succession?

    <p>Nonstock corporation</p> Signup and view all the answers

    Can a stockholder transfer shares without the consent of other stockholders in a corporation?

    <p>No, consent from other stockholders is required.</p> Signup and view all the answers

    What happens to a partnership when any partner ceases to be associated with the business?

    <p>The partnership must be dissolved.</p> Signup and view all the answers

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