Laws on Partnerships Nationality and Legal Personality
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Questions and Answers

Under whose laws is a partnership considered a national?

  • The laws of the country where the majority of the partners reside
  • The laws of the country where the business is conducted
  • The laws of the country where the partnership has the most assets
  • The laws of the country where the partnership was created (correct)

    • When does a partnership gain legal personality?

  • After a certain period of operation
  • Upon reaching a specific level of revenue
  • From the time the contract begins (correct)
  • After obtaining a business license

    • What happens in the event of death, retirement, or insanity of a partner in a partnership?

  • It has no effect on the status of the partnership
  • It converts the partnership into a corporation
  • It dissolves the partnership (correct)
  • It transfers ownership to the remaining partners

    • What characteristic defines a general partnership as consensual?

    <p>It is perfected by mere consent or meeting of minds between parties</p> Signup and view all the answers

    What is a partnership that is designated by a specific name and subject to specific rules applicable only to it?

    <p>Nominate partnership</p> Signup and view all the answers

    Which principle pertains to the right to choose who to associate with in the formation of a partnership?

    <p>Delectus Personae</p> Signup and view all the answers

    In which situation can a partnership be declared dissolved by judicial decree?

    <p>If it does not have a lawful object or purpose</p> Signup and view all the answers

    What characteristic does a partnership have with regards to its separate juridical personality?

    <p>It has a judicial personality separate from each of the partners</p> Signup and view all the answers

    What is one of the rules to apply in determining the existence of a partnership?

    <p>Number of organizers</p> Signup and view all the answers

    How is a corporation created compared to a partnership?

    <p>Corporation is created by state while partnership is voluntary agreement</p> Signup and view all the answers

    What is the maximum number of organizers in a corporation?

    <p>Not more than 50</p> Signup and view all the answers

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