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5 Questions

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Partnerships

Created by

@PatientOtter

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Questions and Answers

Which of the following is NOT a requisite for a partnership?

Legal capacity to enter into a contract

Valid contract

Mutual contribution of money, property, or industry

Secrecy among the members (correct)

What is the primary purpose of a partnership?

To contribute money

To obtain profits (correct)

To contribute industry

To divide profits

Which characteristic does a partnership have?

Preparatory (correct)

Non-nominate

Unilateral

Gratuitous

What type of contributions can be made in a partnership?

<p>Money, property, and/or industry</p> Signup and view all the answers

What is the legal personality of a partnership if the Articles of Partnership are kept secret among the members?

<p>Is governed by the provisions of the Civil Code relating to co-ownership</p> Signup and view all the answers

Study Notes

Partnership Characteristics

One of the requisite for a partnership is NOT a requisite is a formal agreement.

Purpose of a Partnership

The primary purpose of a partnership is to carry on a business with a view to earn a profit.

Characteristics of a Partnership

A partnership has the characteristic of mutual agency, where each partner is an agent of the other partners.

Contributions in a Partnership

In a partnership, contributions can be made in the form of cash, kind, or services.

Legal Personality of a Partnership

If the Articles of Partnership are kept secret among the members, the partnership has no legal personality, meaning it is not a separate legal entity from its members.

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Description

Test your knowledge on the essential features and requisites of partnerships with this quiz. Learn about valid contracts, legal capacity, mutual contributions, lawful objectives, and profit distribution. Perfect for students and professionals studying business law.