Law On Partnership an der Adamson University | Karteikarten & Zusammenfassungen

Lernmaterialien für Law on Partnership an der Adamson University

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TESTE DEIN WISSEN
An artificial person like a corporation may become a partner in a partnership.
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TESTE DEIN WISSEN
False
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TESTE DEIN WISSEN
If a partnership is formed for the practice of a profession, its primary purpose is to obtain profits.
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TESTE DEIN WISSEN
True
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TESTE DEIN WISSEN
The dissolution of the partnership terminates all authority of the managing partner or of any partner, as the case may be, to act for the partnership, except
(1) acts necessary to wind up partnership affairs,
(2) acts necessary to complete transactions begun but not then finished, and
(3) acts or transactions which would bind the partnership if dissolution had not taken place.

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TESTE DEIN WISSEN
1 and 2 only
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TESTE DEIN WISSEN
It refers to a partnership which comprises all that the partners may acquire by their industry on work during the existence of the partnership.
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TESTE DEIN WISSEN
Universal partnership of profits
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TESTE DEIN WISSEN
If the partnership is limited, it is required that the contracting parties, in addition to the formalities prescribed for the organization of a general partnership, shall execute a certificate of limited partnership which must be recorded in the office of SEC.
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TESTE DEIN WISSEN
True
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TESTE DEIN WISSEN
Can a capitalist partner engage in business similar to the kind of business in which the partnership is engaged?
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TESTE DEIN WISSEN
Yes, if he has extra available capital.
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TESTE DEIN WISSEN
Partnership is consensual because it is entered into by two or more persons whose rights and obligations are reciprocal.
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TESTE DEIN WISSEN
False
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TESTE DEIN WISSEN
It refers to partners who can be held liable for partnership obligation even to the extent of their private property.
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TESTE DEIN WISSEN
General
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TESTE DEIN WISSEN
A partnership has a personality separate and distinct from each of the partners.
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TESTE DEIN WISSEN
True
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TESTE DEIN WISSEN
What is an essential difference between a partnership and a corporation?
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TESTE DEIN WISSEN
A partnership is created by voluntary agreement of the partners, whereas a corporation is always created by some express legislative authority either in the form of a special law or of a general law.
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TESTE DEIN WISSEN
A partnership begins from the moment of the execution of the contract, unless different date is stipulated.
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TESTE DEIN WISSEN
True
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TESTE DEIN WISSEN
A partnership is nominate (has a special name given to it by law), preparatory (other contracts will be entered into as the partnership pursues its business) and an onerous (partners contribute money, property or industry to a common fund). Therefore, it is not an aleatory contract since it is not dependent on chance, luck, or an uncertain outcome. When, as a rule, does a partnership begin to exist?
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TESTE DEIN WISSEN
On the date of the recording of the partnership agreement with the Securities and Exchange Commission.
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Beispielhafte Karteikarten für deinen Law on Partnership Kurs an der Adamson University - von Kommilitonen auf StudySmarter erstellt!

Q:
An artificial person like a corporation may become a partner in a partnership.
A:
False
Q:
If a partnership is formed for the practice of a profession, its primary purpose is to obtain profits.
A:
True
Q:
The dissolution of the partnership terminates all authority of the managing partner or of any partner, as the case may be, to act for the partnership, except
(1) acts necessary to wind up partnership affairs,
(2) acts necessary to complete transactions begun but not then finished, and
(3) acts or transactions which would bind the partnership if dissolution had not taken place.

A:
1 and 2 only
Q:
It refers to a partnership which comprises all that the partners may acquire by their industry on work during the existence of the partnership.
A:
Universal partnership of profits
Q:
If the partnership is limited, it is required that the contracting parties, in addition to the formalities prescribed for the organization of a general partnership, shall execute a certificate of limited partnership which must be recorded in the office of SEC.
A:
True
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Q:
Can a capitalist partner engage in business similar to the kind of business in which the partnership is engaged?
A:
Yes, if he has extra available capital.
Q:
Partnership is consensual because it is entered into by two or more persons whose rights and obligations are reciprocal.
A:
False
Q:
It refers to partners who can be held liable for partnership obligation even to the extent of their private property.
A:
General
Q:
A partnership has a personality separate and distinct from each of the partners.
A:
True
Q:
What is an essential difference between a partnership and a corporation?
A:
A partnership is created by voluntary agreement of the partners, whereas a corporation is always created by some express legislative authority either in the form of a special law or of a general law.
Q:
A partnership begins from the moment of the execution of the contract, unless different date is stipulated.
A:
True
Q:
A partnership is nominate (has a special name given to it by law), preparatory (other contracts will be entered into as the partnership pursues its business) and an onerous (partners contribute money, property or industry to a common fund). Therefore, it is not an aleatory contract since it is not dependent on chance, luck, or an uncertain outcome. When, as a rule, does a partnership begin to exist?
A:
On the date of the recording of the partnership agreement with the Securities and Exchange Commission.
Law on Partnership

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