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Questions and Answers
A limited partner's liability is limited to their share of the common fund.
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.
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.
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.
Limited Partners can manage the business affairs of the partnership.
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If a Limited Partner actively participates in the management of the partnership, they will be treated as a General Partner.
If a Limited Partner actively participates in the management of the partnership, they will be treated as a General Partner.
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Barbie, as a Limited Partner, can be appointed as the Manager of the Partnership.
Barbie, as a Limited Partner, can be appointed as the Manager of the Partnership.
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A partner has the right to possess partnership property for any purpose without the consent of his partners.
A partner has the right to possess partnership property for any purpose without the consent of his partners.
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A partner's right in specific partnership property is assignable without involving the other partners.
A partner's right in specific partnership property is assignable without involving the other partners.
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When partnership property is attached for a partnership debt, the partners can claim rights under homestead or exemption laws.
When partnership property is attached for a partnership debt, the partners can claim rights under homestead or exemption laws.
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A partner's interest in a partnership is solely based on their capital contribution.
A partner's interest in a partnership is solely based on their capital contribution.
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A partner's right in specific partnership property is subject to legal support as mentioned in article 291.
A partner's right in specific partnership property is subject to legal support as mentioned in article 291.
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Partners have equal rights to possess specific partnership property for any purpose without restrictions.
Partners have equal rights to possess specific partnership property for any purpose without restrictions.
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If a partner conveys his whole interest in the partnership, it automatically dissolves the partnership.
If a partner conveys his whole interest in the partnership, it automatically dissolves the partnership.
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An assignee of a partner can interfere in the management of the partnership business without agreement from other partners.
An assignee of a partner can interfere in the management of the partnership business without agreement from other partners.
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Under the doctrine of delectus personae, a new partner can be admitted without the consent of all partners.
Under the doctrine of delectus personae, a new partner can be admitted without the consent of all partners.
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In case of a partnership dissolution, the assignee is entitled to receive his assignor's interest.
In case of a partnership dissolution, the assignee is entitled to receive his assignor's interest.
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Every partner has a right to take part in the conduct and management of the business as a general rule.
Every partner has a right to take part in the conduct and management of the business as a general rule.
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Decisions on the fate of the partnership must be taken by mutual consent of all partners.
Decisions on the fate of the partnership must be taken by mutual consent of all partners.
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A silent partner actively participates in the business operations.
A silent partner actively participates in the business operations.
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An open partnership allows for new partners to join without the consent of existing partners.
An open partnership allows for new partners to join without the consent of existing partners.
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In a real partnership, a specific time for existence must be specified.
In a real partnership, a specific time for existence must be specified.
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A managing partner is responsible for managing the business or affairs of the partnership.
A managing partner is responsible for managing the business or affairs of the partnership.
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An industrial partner only contributes money or property to the common fund.
An industrial partner only contributes money or property to the common fund.
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A professional partnership is formed for the exercise of a profession.
A professional partnership is formed for the exercise of a profession.
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A, B, C, and D are general-capitalists in the Limited Partnership.
A, B, C, and D are general-capitalists in the Limited Partnership.
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B receives 5% of the total capital contribution in the partnership.
B receives 5% of the total capital contribution in the partnership.
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If the partnership incurred a net loss of P500T, A would share P237,500.00.
If the partnership incurred a net loss of P500T, A would share P237,500.00.
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D, as an industrial partner, receives 10% of the profit according to the agreement.
D, as an industrial partner, receives 10% of the profit according to the agreement.
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E is the only limited partner in the partnership with P5M capital.
E is the only limited partner in the partnership with P5M capital.
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If total assets are exhausted and losses remain after distribution, B would share part of the loss.
If total assets are exhausted and losses remain after distribution, B would share part of the loss.
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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.
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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.
