Podcast Beta
Questions and Answers
A limited partner's liability is limited to their share of the common fund.
True
Limited partners always share in the losses of a partnership after assets have been exhausted.
False
If a Limited Partner's name appears in the partnership name, they will be treated as a General Partner.
True
Limited Partners can manage the business affairs of the partnership.
Signup and view all the answers
If a Limited Partner actively participates in the management of the partnership, they will be treated as a General Partner.
Signup and view all the answers
Barbie, as a Limited Partner, can be appointed as the Manager of the Partnership.
Signup and view all the answers
A partner has the right to possess partnership property for any purpose without the consent of his partners.
Signup and view all the answers
A partner's right in specific partnership property is assignable without involving the other partners.
Signup and view all the answers
When partnership property is attached for a partnership debt, the partners can claim rights under homestead or exemption laws.
Signup and view all the answers
A partner's interest in a partnership is solely based on their capital contribution.
Signup and view all the answers
A partner's right in specific partnership property is subject to legal support as mentioned in article 291.
Signup and view all the answers
Partners have equal rights to possess specific partnership property for any purpose without restrictions.
Signup and view all the answers
If a partner conveys his whole interest in the partnership, it automatically dissolves the partnership.
Signup and view all the answers
An assignee of a partner can interfere in the management of the partnership business without agreement from other partners.
Signup and view all the answers
Under the doctrine of delectus personae, a new partner can be admitted without the consent of all partners.
Signup and view all the answers
In case of a partnership dissolution, the assignee is entitled to receive his assignor's interest.
Signup and view all the answers
Every partner has a right to take part in the conduct and management of the business as a general rule.
Signup and view all the answers
Decisions on the fate of the partnership must be taken by mutual consent of all partners.
Signup and view all the answers
A silent partner actively participates in the business operations.
Signup and view all the answers
An open partnership allows for new partners to join without the consent of existing partners.
Signup and view all the answers
In a real partnership, a specific time for existence must be specified.
Signup and view all the answers
A managing partner is responsible for managing the business or affairs of the partnership.
Signup and view all the answers
An industrial partner only contributes money or property to the common fund.
Signup and view all the answers
A professional partnership is formed for the exercise of a profession.
Signup and view all the answers
A, B, C, and D are general-capitalists in the Limited Partnership.
Signup and view all the answers
B receives 5% of the total capital contribution in the partnership.
Signup and view all the answers
If the partnership incurred a net loss of P500T, A would share P237,500.00.
Signup and view all the answers
D, as an industrial partner, receives 10% of the profit according to the agreement.
Signup and view all the answers
E is the only limited partner in the partnership with P5M capital.
Signup and view all the answers
If total assets are exhausted and losses remain after distribution, B would share part of the loss.
Signup and view all the answers
Study Notes
Limited Partners
- A Limited Partner's liability is limited to their share of the common fund.
- A Limited Partner's name appearing in the partnership name will be treated as a General Partner.
- Limited Partners can manage the business affairs of the partnership, but if they actively participate, they will be treated as a General Partner.
- A Limited Partner can be appointed as the Manager of the Partnership.
Partnership Property
- A partner has the right to possess partnership property for any purpose without consent from other partners.
- A partner's right in specific partnership property is assignable without involving other partners.
- When partnership property is attached for a partnership debt, partners can claim rights under homestead or exemption laws.
Partnership Rights and Interests
- A partner's interest in a partnership is solely based on their capital contribution.
- A partner's right in specific partnership property is subject to legal support.
- Partners have equal rights to possess specific partnership property for any purpose without restrictions.
- If a partner conveys their whole interest in the partnership, it automatically dissolves the partnership.
Partnership Management and Dissolution
- Every partner has a right to take part in the conduct and management of the business as a general rule.
- Decisions on the fate of the partnership must be taken by mutual consent of all partners.
- In case of a partnership dissolution, the assignee is entitled to receive their assignor's interest.
Types of Partners
- A managing partner is responsible for managing the business or affairs of the partnership.
- An industrial partner only contributes money or property to the common fund.
- A professional partnership is formed for the exercise of a profession.
Partner Examples
- A, B, C, and D are general-capitalists in the Limited Partnership, where B receives 5% of the total capital contribution.
- If the partnership incurred a net loss of P500T, A would share P237,500.00.
- D, as an industrial partner, receives 10% of the profit according to the agreement.
- E, as a limited partner, receives P5M capital, and if total assets are exhausted and losses remain after distribution, B would share part of the loss.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge about the rights of partners in specific partnership property according to partnership agreements. Learn about the restrictions and assignability of a partner's rights in partnership assets.
