10 Questions
What is the meaning of "industry" in the context of partnership?
The exercise of a profession
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
What is the nature of the partnership's personality according to the Civil Code of the Philippines?
Juridical and separate from that of each partner
In what way can professionals like accountants, lawyers, and doctors form a partnership?
To create a business offering professional services
How many persons are involved in a business partnership according to the quoted article from the Civil Code of the Philippines?
Two or more
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.
False
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
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.
False
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.
False
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
Test your knowledge of partnership law with this quiz on the nature of partnership. Explore the definitions and concepts of partnership as per the Civil Code of the Philippines, and enhance your understanding of key terms such as common fund, contribution, and profit sharing.
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