Podcast
Questions and Answers
In a partnership, if there is no agreement regarding it, how are profits or losses divided among partners?
In a partnership, if there is no agreement regarding it, how are profits or losses divided among partners?
- Based on the partner's personal investments
- Proportionate to the partner's time commitment
- Equally among all partners
- According to the partner's capital balances (correct)
When a partner contributes an asset to a partnership, what does that asset become?
When a partner contributes an asset to a partnership, what does that asset become?
- Common property of all the partners (correct)
- Partnership property to be sold if needed
- An asset solely owned by the partnership
- The property of the contributing partner only
What type of partner has unlimited liability in a partnership?
What type of partner has unlimited liability in a partnership?
- Limited Partner
- Industrial Partner
- General Partner (correct)
- Capitalist Partner
For a Limited Partner in a partnership, how far does their liability extend?
For a Limited Partner in a partnership, how far does their liability extend?
Which type of partner contributes money and/or assets other than cash, building, equipment, or any property?
Which type of partner contributes money and/or assets other than cash, building, equipment, or any property?
A partner who contributes both cash and knowledge or personal service is known as:
A partner who contributes both cash and knowledge or personal service is known as:
What is a characteristic of a partnership that involves each partner being an agent of the partnership for business purposes?
What is a characteristic of a partnership that involves each partner being an agent of the partnership for business purposes?
Which event does not contribute to the limited life of a partnership?
Which event does not contribute to the limited life of a partnership?
What type of partner is said to have unlimited liability in a partnership?
What type of partner is said to have unlimited liability in a partnership?
Which characteristic of a partnership involves the co-ownership of contributed assets?
Which characteristic of a partnership involves the co-ownership of contributed assets?
In a partnership, what is responsible for the business acts of his partners within the scope of the business of the partnership?
In a partnership, what is responsible for the business acts of his partners within the scope of the business of the partnership?
Which event does not result in limited liability for general and industrial partners in a partnership?
Which event does not result in limited liability for general and industrial partners in a partnership?
What does the Civil Code of the Philippines define as a partnership?
What does the Civil Code of the Philippines define as a partnership?
In a partnership, how are profits typically divided?
In a partnership, how are profits typically divided?
What does 'unlimited liability' refer to in the context of partnership?
What does 'unlimited liability' refer to in the context of partnership?
What types of partners can a partnership have based on the text?
What types of partners can a partnership have based on the text?
Why is there a limited term of existence in partnerships?
Why is there a limited term of existence in partnerships?
What does limited skills, talents, and capabilities refer to as a disadvantage of sole-proprietorship?
What does limited skills, talents, and capabilities refer to as a disadvantage of sole-proprietorship?
