Podcast
Questions and Answers
Which of the following is NOT a requisite for a partnership?
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?
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?
Which characteristic does a partnership have?
- Preparatory (correct)
- Non-nominate
- Unilateral
- Gratuitous
What type of contributions can be made in a partnership?
What type of contributions can be made in a partnership?
What is the legal personality of a partnership if the Articles of Partnership are kept secret among the members?
What is the legal personality of a partnership if the Articles of Partnership are kept secret among the members?
Flashcards
What is the primary purpose of a partnership?
What is the primary purpose of a partnership?
The primary goal of a partnership is to generate and share profits amongst its members.
What characteristic defines a partnership?
What characteristic defines a partnership?
Partnerships are characterized by their preparatory nature, meaning they are formed with the intention of conducting business activities.
What kind of contributions can be made in a partnership?
What kind of contributions can be made in a partnership?
Members of a partnership can contribute to the venture in various ways, including money, property (like land or equipment), or their expertise and skills.
What if the Articles of Partnership are secret?
What if the Articles of Partnership are secret?
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What's NOT a requirement for a partnership?
What's NOT a requirement for a partnership?
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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.
