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Laws on Partnerships Nationality and Legal Personality

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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?

It is perfected by mere consent or meeting of minds between parties (D) 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?

Nominate partnership (B) Signup and view all the answers

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

Delectus Personae (A) Signup and view all the answers

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

If it does not have a lawful object or purpose (D) Signup and view all the answers

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

It has a judicial personality separate from each of the partners (D) Signup and view all the answers

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

Number of organizers (A) Signup and view all the answers

How is a corporation created compared to a partnership?

Corporation is created by state while partnership is voluntary agreement (C) Signup and view all the answers

What is the maximum number of organizers in a corporation?

Not more than 50 (D) Signup and view all the answers