Podcast
Questions and Answers
What is the meaning of "industry" in the context of partnership?
What is the meaning of "industry" in the context of partnership?
- Mining and extraction of natural resources
- Investment in stocks and bonds
- The exercise of a profession (correct)
- Manufacturing of goods
According to the Civil Code of the Philippines, what is the definition of a partnership?
According to the Civil Code of the Philippines, what is the definition of a partnership?
- A contract where persons contribute money, property, or industry to a common fund and divide profits (correct)
- A joint venture involving only two persons
- A business entity with a single owner
- An organization focused on charitable activities
What is the nature of the partnership's personality according to the Civil Code of the Philippines?
What is the nature of the partnership's personality according to the Civil Code of the Philippines?
- Dependent on the personality of the partners
- Indistinguishable from the partners' personalities
- Only recognized in certain legal jurisdictions
- Juridical and separate from that of each partner (correct)
In what way can professionals like accountants, lawyers, and doctors form a partnership?
In what way can professionals like accountants, lawyers, and doctors form a partnership?
How many persons are involved in a business partnership according to the quoted article from the Civil Code of the Philippines?
How many persons are involved in a business partnership according to the quoted article from the Civil Code of the Philippines?
True or false: The new Civil Code of the Philippines, Article 1767, defines a partnership as an agreement between three or more persons to contribute money, property, or industry to a common fund.
True or false: The new Civil Code of the Philippines, Article 1767, defines a partnership as an agreement between three or more persons to contribute money, property, or industry to a common fund.
True or false: The exercise of the profession by professionals such as accountants, lawyers, and doctors is considered as 'industry' in the context of partnership.
True or false: The exercise of the profession by professionals such as accountants, lawyers, and doctors is considered as 'industry' in the context of partnership.
True or false: The partners in a partnership do not have a separate and distinct juridical personality from that of the partnership itself, according to the Civil Code of the Philippines, Article 1768.
True or false: The partners in a partnership do not have a separate and distinct juridical personality from that of the partnership itself, according to the Civil Code of the Philippines, Article 1768.
True or false: Accountants, lawyers, and doctors are not allowed to form a partnership to offer professional services such as accounting, legal, and medical services.
True or false: Accountants, lawyers, and doctors are not allowed to form a partnership to offer professional services such as accounting, legal, and medical services.
True or false: Joan, Patrick, and the partnership are considered as the three persons involved when establishing a business partnership, as mentioned in the text.
True or false: Joan, Patrick, and the partnership are considered as the three persons involved when establishing a business partnership, as mentioned in the text.
Flashcards
What is 'industry' in a partnership?
What is 'industry' in a partnership?
In the context of partnerships, 'industry' refers to the contribution of professional skills or expertise.
Define a partnership.
Define a partnership.
A partnership is a contract where individuals (two or more) pool money, property, or skills to pursue common business goals and share profits.
What is the personality of a partnership?
What is the personality of a partnership?
Partnerships have a distinct legal identity, separate from the individuals involved.
How can professionals form partnerships?
How can professionals form partnerships?
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How many people are needed for a partnership?
How many people are needed for a partnership?
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How many individuals are required for a partnership, according to the Civil Code?
How many individuals are required for a partnership, according to the Civil Code?
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Is the exercise of a profession considered 'industry' in a partnership?
Is the exercise of a profession considered 'industry' in a partnership?
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Do partners in a partnership share the same legal identity as the partnership?
Do partners in a partnership share the same legal identity as the partnership?
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Are partnerships of professionals allowed?
Are partnerships of professionals allowed?
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Are partners and the partnership separate legal entities?
Are partners and the partnership separate legal entities?
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Study Notes
Definition of Partnership
- A partnership is defined as an agreement between two or more persons to contribute money, property, or industry to a common fund for mutual benefit.
- According to the Civil Code of the Philippines, a minimum of two persons is required to form a partnership.
Nature of Partnership's Personality
- Partnerships have no separate and distinct juridical personality from the partners, as outlined in Article 1768 of the Civil Code of the Philippines.
Professionals Forming Partnerships
- Professionals such as accountants, lawyers, and doctors can legally form partnerships to provide their services collectively.
- The exercise of their respective professions is categorized as "industry" within the context of partnerships.
Key Statements and Truth Values
- True: Article 1767 defines a partnership involving an agreement between three or more persons contributing to a common fund.
- True: The profession exercised by accountants, lawyers, and doctors is recognized as "industry" in partnership context.
- True: Partners do not possess a separate legal identity distinct from the partnership, as per the Civil Code.
- False: Accountants, lawyers, and doctors are allowed to establish a partnership for professional service offerings.
- True: Joan, Patrick, and the partnership itself qualify as the three entities involved in a business partnership setup.
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