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Questions and Answers
In the event of a partnership dissolution, which party can recover the amount from A and B?
In the event of a partnership dissolution, which party can recover the amount from A and B?
What is the correct statement about the interest of a partner in a partnership?
What is the correct statement about the interest of a partner in a partnership?
What is the term for the administration of the assets of the partnership for the purpose of terminating the business and discharging the obligations of the partnership?
What is the term for the administration of the assets of the partnership for the purpose of terminating the business and discharging the obligations of the partnership?
What is a requirement for Y and Z to dissolve the partnership?
What is a requirement for Y and Z to dissolve the partnership?
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What is the consequence of a stipulation that excludes one or more partners from any share in the profits or losses?
What is the consequence of a stipulation that excludes one or more partners from any share in the profits or losses?
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What is conclusive evidence that a person is a partner in a business?
What is conclusive evidence that a person is a partner in a business?
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Which of the following is not a right of a partner in a partnership?
Which of the following is not a right of a partner in a partnership?
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Who is responsible for the contractual liability of P40,000 incurred by the partnership?
Who is responsible for the contractual liability of P40,000 incurred by the partnership?
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What is true about a corporation in a partnership?
What is true about a corporation in a partnership?
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What is a partner by estoppel also known as?
What is a partner by estoppel also known as?
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What is the responsibility of a capitalist partner?
What is the responsibility of a capitalist partner?
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What happens when a partner assigns their interest in a partnership?
What happens when a partner assigns their interest in a partnership?
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What is the right of an assignee in a partnership?
What is the right of an assignee in a partnership?
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Which statement is true about limited partnerships?
Which statement is true about limited partnerships?
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What is required to form a limited partnership?
What is required to form a limited partnership?
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How are losses distributed in a partnership if there is no agreement?
How are losses distributed in a partnership if there is no agreement?
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What is a cause of extrajudicial dissolution of a partnership?
What is a cause of extrajudicial dissolution of a partnership?
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What is the right of a partner in a partnership?
What is the right of a partner in a partnership?
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Study Notes
Partnership Basics
- A and B, capitalist partners, contribute P15,000 each to the partnership capital.
- C is an industrial partner.
- The partnership incurs a contractual liability of P40,000 in favor of X.
Partner's Rights and Liabilities
- A partner's interest in a partnership is their personal property.
- A partner's interest in a partnership cannot be assigned.
Partnership Termination
- Dissolution of a partnership refers to the process of terminating the business and discharging obligations.
- Winding-up is another term for dissolution.
Partner's Rights and Obligations
- Partners must render true and full information of all things affecting the partnership to any partner or legal representative.
- A stipulation that excludes one or more partners from sharing profits or losses is voidable.
Partner Types
- A partner by estoppel is also known as a quasi-partner.
- A dormant partner is a partner who does not take an active part in the business and is not publicly known as a partner.
Capital Contributions
- A capitalist partner contributes capital to the partnership.
Assignment of Partner's Interest
- An assignee of a partner's interest in a partnership has no right to interfere in the management or require any information or account.
Limited Partnerships
- In a limited partnership, general partners are not bound by the partnership's obligations.
- Limited partners are not involved in the management of the partnership.
Partnership Requirements
- Partners forming a limited partnership must sign and swear to a certificate of limited partnership and file it with the Securities and Exchange Commission (SEC).
Loss Distribution
- Losses in a partnership are distributed according to agreement, or if no agreement, according to profit sharing proportions, or if no agreement, proportionately according to the amount of contribution.
Causes of Extrapjudicial Dissolution
- Causes of extrajudicial dissolution of a partnership include, among others, in contravention of the agreement between the partners.
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Description
Test your understanding of partnership dissolution and the role of consent in the process. Who needs to give consent and under what circumstances? Find out in this quiz.
