32 Questions
What is the main purpose of a partnership?
To share profits and losses among the partners
What is necessary for a partnership to enjoy economic benefits?
Compliance with statutory requirements
What is the objective of Unit I: General Provisions Introduction?
To describe the nature of partnership through a True or False Quiz
According to Laurie Beth Jones, what are often the greater resources for people?
The people they know
What is required to establish the validity of a contract of partnership?
Compliance with statutory requirements
What is discussed in Unit I: General Provisions Introduction?
The nature and concept of a partnership
What is the legal definition of partnership?
An association of two or more persons
What distinguishes a business partnership from voluntary religious or social organizations?
Obtaining pecuniary profit directly
What is allowed by the law regarding the exercise of a profession as a partnership?
Joint pursuit thereof by two or more persons as partners
What is the meaning of 'profession' as contemplated in the definition?
A group of men pursuing a learned art as a common calling
Which characteristic does a contract of partnership possess?
Consensual
What is the primary reason for the law disallowing individuals to practice a profession as a corporate entity?
Personal qualifications cannot be possessed by a corporation
What status arises out of a contract of partnership?
A legal relation
Which phrase best describes the concept of partnership?
An association of two or more persons
What type of contract is a contract of partnership?
Consensual
What is the main purpose of forming a partnership for the exercise of a profession?
To allow joint pursuit thereof by two or more persons as partners
By the contract of partnership two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves. Two or more persons may also form a partnership for the exercise of a ______.
profession
The reason for the existence of a business partnership is to obtain ______.
profit
Even an unprofitable business can be a partnership provided its goal is to obtain ______.
profit
Strictly speaking, the practice of a profession is not a business or an enterprise for ______.
profit
The law allows the joint pursuit of a profession by two or more persons as ______.
partners
A partnership is an association of two or more ______.
persons
A partnership is a joint ______.
undertaking
A partnership is the status arising out of a ______.
contract
A partnership is an ______.
organization
A partnership is an ______.
entity
It takes people some time to appreciate that their greater resources are often the people they ______.
know
This type of business association exists when two or more persons agree to place their money, effects, labour and skills in lawful commerce or business, with the understanding that there shall be a proportionate sharing of the profits and losses among ______.
them
But to enjoy the economic benefits, statutory requirements to render it legal and valid must be complied ______.
with
By the end of this unit you will be able to describe the nature of partnership through a True or False ______.
Quiz
Deduce the cardinal elements, forms and classifications of Partnerships through a brief description of ______.
concepts
Establish the validity of a contract of partnership through ______ Questions.
Essay
Study Notes
Partnership Definition and Purpose
- A partnership is an association of two or more persons who bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves.
- The main purpose of a partnership is to obtain economic benefits.
- Even an unprofitable business can be a partnership provided its goal is to obtain economic benefits.
Key Characteristics of a Partnership
- A partnership is a joint undertaking between two or more persons.
- A partnership is an association of two or more persons.
- A partnership is a status arising out of a contract of partnership.
Forming a Partnership
- Two or more persons may form a partnership for the exercise of a profession.
- To establish the validity of a contract of partnership, statutory requirements must be complied with.
Professions and Partnerships
- Strictly speaking, the practice of a profession is not a business or an enterprise for profit.
- The law allows the joint pursuit of a profession by two or more persons as a partnership.
Importance of Human Resources
- According to Laurie Beth Jones, people are often the greater resources for individuals.
Unit I: General Provisions Introduction
- The objective of this unit is to describe the nature of partnership through a True or False exercise.
- By the end of this unit, you will be able to deduce the cardinal elements, forms, and classifications of Partnerships through a brief description.
- You will be able to establish the validity of a contract of partnership through questions.
Test your knowledge of the Nature and Concept of a Partnership with this quiz based on the introductory unit of the Law on Partnership. Explore the principles behind business associations and profit sharing among partners.
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