Questions and Answers
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?
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How many persons are involved in a business partnership according to the quoted article from the Civil Code of the Philippines?
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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.
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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.
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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.
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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.
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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.
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Study Notes
Definition of Partnership
- A partnership is defined as an agreement between two or more persons to contribute money, property, or industry to a common fund for mutual benefit.
- According to the Civil Code of the Philippines, a minimum of two persons is required to form a partnership.
Nature of Partnership's Personality
- Partnerships have no separate and distinct juridical personality from the partners, as outlined in Article 1768 of the Civil Code of the Philippines.
Professionals Forming Partnerships
- Professionals such as accountants, lawyers, and doctors can legally form partnerships to provide their services collectively.
- The exercise of their respective professions is categorized as "industry" within the context of partnerships.
Key Statements and Truth Values
- True: Article 1767 defines a partnership involving an agreement between three or more persons contributing to a common fund.
- True: The profession exercised by accountants, lawyers, and doctors is recognized as "industry" in partnership context.
- True: Partners do not possess a separate legal identity distinct from the partnership, as per the Civil Code.
- False: Accountants, lawyers, and doctors are allowed to establish a partnership for professional service offerings.
- True: Joan, Patrick, and the partnership itself qualify as the three entities involved in a business partnership setup.
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Description
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.
