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Law Quiz1

1. A partner cannot be both a limited and general partner at the same time. 2. A limited partner will not be liable as a general partner even if their surname is included in the partnership name. 3. A partnership intended to be limited but without "Limited" or "Ltd." in its name will be considered a general partnership. 4. After dissolution, a partnership is still bound by acts of a partner authorized to act for the partnership with respect to completing transactions begun before dissolution.

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67 views2 pages

Law Quiz1

1. A partner cannot be both a limited and general partner at the same time. 2. A limited partner will not be liable as a general partner even if their surname is included in the partnership name. 3. A partnership intended to be limited but without "Limited" or "Ltd." in its name will be considered a general partnership. 4. After dissolution, a partnership is still bound by acts of a partner authorized to act for the partnership with respect to completing transactions begun before dissolution.

Uploaded by

Unknown Noob Gaming
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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True or False

_________ 1. A partner may not be limited and general partner at the same time. 
__________ 2. As a rule, a limited partner will not be liable as a general partner even if he allows
the use of his surname to be included in the partnership name. 
_________ 3. A partnership intended to be formed as a limited partnership but without the
word “Limited” or “Ltd.” appended to its name shall be considered as a general partnership.
_________ 4. After dissolution, a partnership is still bound by the act of a partner authorized to
act for the partnership with respect to the completion of transactions begun before dissolution.
_________ 5. The private creditor of a partner shall have preference over such partner’s
separate property.

Matching Type Indicate your answer by writing the LETTER (IN CAPITAL) representing the
statement that best describes, defines, or explains the numbered items.

TERMS
6. Partnership
6. Particular partnership.
6. Partnership for a fixed term
6. Partnership by estoppel 
6. Capitalist Partner
6. Dissolution
6. Substituted limited partner.
6. Delectus Personae
6. General Partnership
6. Subsidiary liability
6. Universal Partnership of all Present Property.
6. Limited Partnership
6. Winding Up
6. Partnership for a Particular Undertaking
6. Universal Partnership of Profits
6. Termination
6. Partnership at will
6. Limited Partner
6. Industrial Partner
6. General Partner

STATEMENTS
A. He contributes his services to the partnership.
B. All the partners are general partners.
C. A period that is stipulated for the existence of the partnership.
D. Refers to the process of settling the business or affairs of the partnership after dissolution.
E. Two or more persons bind themselves to contribute money, property, or industry to a common
fund with the intention of dividing the profits among themselves.
F. Property belonging to each other at the time of the establishment of the partnership as well as
the profits realized therefrom belongs to the partnership.
G. The pro rata liability for partnership obligations of the partners including industrial ones, to the
extent of their separate property after partnership assets have been exhausted.
H. The principle that a person is free to choose those whom he wants to be associated in
partnership.
I. A partnership whose existence may be terminated at any time by the partners.
J. A partner who is liable only to the extent of his contribution to the partnership.
K. A partnership which comprises all that the partners may acquire by their work or industry during
the existence of the partnership.
L. A partnership where there is at least one general partner and at least one limited partner.
M. The change in the relation of the partners caused by any partner ceasing to be associated in the
carrying on of the business.
N. It has for its object determinate things, their use of fruits, or a specific undertaking, or the
exercise of a profession.
O. A partner who is liable to the extent of his separate property when all the partnership assets
have been exhausted. 
P. He contributes money and/or property to the common fund of the partnership. 
Q. A person admitted to all the rights of a limited partner who has died or who has assigned his
interest in the partnership. 
R. The point when all partnership affairs are wound up.
S. It is not in reality a partnership but is considered as one with respect to those who, by reason of
their conduct of admission, are precluded from denying its existence.
T. A partnership organized for a certain purpose which when attained will cause the dissolution of
the partnership.
U. None of the foregoing.

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