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Far 2 (1st Yr, 2nd Sem) > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Defined as a contract whereby 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 (Article 1767 of the Partnership Law).

A

Partnership

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2
Q

Owners of partnership

A

Partners

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3
Q

A written agreement which will govern the formation, operation and dissolution of the partnership

A

Articles of Co-Partnership

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4
Q

Articles of Co-Partnership is required by what government agency?

A

SEC (Securities and Exchange Commission)

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5
Q

simplest form of business organization

A

Sole Proprietorship

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6
Q

Sole proprietorship is formed and owned by only one person called ____

A

Proprietor

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7
Q

an artificial being created by operation of law, having the right of succession and the powers, attributes, and properties expressly authorized by law or incident to its existence

A

Corporation

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8
Q

A corporation with a single stockholder

A

One person corporation (OPC)

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9
Q

In the partnership, there are two or more partners and each of them may act as an agent of the partnership for the operation of its business.

A

Mutual Agency

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10
Q

Any person of legal age can be a partner of a partnership.
He is willing to be associated in the partnership. No one can be forced against his will to become a partner in a partnership.

A

Voluntary association

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11
Q

Their agreement whether oral or in writing becomes a contract that binds them. It is preferred that the contract must be in writing to be enforceable.

A

Based on Contract

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12
Q

They are exempted from income tax. It is a partnership formed by professionals engaging in the same profession or line of service.

A

General Professional Partnerships

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13
Q

one which the main activity is buying and selling of goods or manufacturing of goods.

A

Trading Partnership

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14
Q

one which is organized for a specific purpose or project or for rendering services.

A

Non Trading Partnership

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15
Q

a partnership wherein all of the partners are general partners. They are all personally liable for the debts of the partnership.

A

General Partnership

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16
Q

a partnership formed by one or more general partners with one or more limited partners.

A

Limited Partnership

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17
Q

one which has for its object determinate things, their use or fruits, or a specific undertaking, or exercise of a profession or vocation.

A

Particular Partnership

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18
Q

one which has no time specified and may be terminated at anytime by the will of either one or all of the partners or by mutual agreement of the partners.

A

Partnership at will

19
Q

one which the term or period of existence of the partnership is specified.

A

Partnership with a fixed term

20
Q

one which is in reality existing among the partners as
well as to the third parties.

A

Ordinary Partnership

21
Q

one which is in reality not a partnership but considered as a partnership only in relation to those who by their conduct or omission are precluded to deny or disapprove its existence.

A

Partnership by Estoppel

22
Q

one which has not complied with all the legal
requirements for its existence.

A

De Facto Partnership

23
Q

one which has complied with all the legal requirements

A

De Jure Partnership

24
Q

one wherein the existence of certain partners is not made
known to the public by any of the partners.

A

Secret Partnership

25
Q

one whose existence is made known to the public by the
partners of the firm

A

Open Partnership

26
Q

perfected by mere consent, that is, upon the express or implied agreement of two or more persons

A

Consensual

27
Q

it has a special name or designation in our law

A

Nominate

28
Q

it is entered into by two or more persons and the rights and obligations arising there from are always reciprocal

A

Bilateral

29
Q

each of the parties aspires to procure for himself a benefit through the giving of something

A

Onerous

30
Q

the undertaking of each of the partner is considered as the equivalent of that of the others.

A

Commutative

31
Q

does not depend for its existence or validity upon some other contract.
It can stand alone.

A

Principal

32
Q

it is entered into as a means to an end.

A

Preparatory

33
Q

It is the one who assumes unlimited liability. He is liable for the
debts of the partnership up to the extent of his personal assets.

A

General partner

34
Q

is the one whose liability for the debts of the partnership is only up to the extent of his interest in the partnership. His liability is limited.

A

Limited partner

35
Q

the one whose contributions to the partnership are in the
form of money or property.

A

Capitalist partner

36
Q

the one whose contribution to the partnership is his labor,
industry, skill, talent or professional services.

A

Industrial partner

37
Q

is designated to manage the affairs or business operations of
the partnership.

A

Managing partner

38
Q

has financial interest in the firm but does not take active part in the business although he may be known to the public as a partner.

A

Silent partner

39
Q

takes active part in the partnership and known to the public as a partner in the partnership whether or not he has an actual interest in the firm

A

Ostensible partner

40
Q

not really a partner having no financial interest in the partnership nor a party to the agreement of the partnership, but represented as being in fact a partner and make liable as a partner.

A

Nominal partner

41
Q

has financial interest in the firm and takes active part in the
business but he is not known to the public as a partner.

A

Secret partner

42
Q

Does not take active part in the management and is not known to the public as a partner

A

Dormant Partner

43
Q

In charge of the winding up of the partnership affairs in case of dissolution

A

Liquidating partner

Far 2 (1st Yr, 2nd Sem) (2 decks)

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