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BLAW212 (Partnership and Corporation) > Chapter 1: General Provisions > Flashcards

Chapter 1: General Provisions Flashcards

1
Q

A partnership formed in order to practice a common profession.

A

General Professional Partnership (GPP)

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2
Q

In the absence of Articles of Partnership, the existence of a partnership can be proven by what?

A

Circumstantial Evidence

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3
Q

Appears to be sufficient unless contradicted by another evidence.

A

Prima Facie

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4
Q

The best way to prove the existence of a partnership.

A

Articles of Partnership

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5
Q

The contribution of each partner is considered as the equivalent of the contribution of the other partners.

A

Commutative

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6
Q

Equal consideration among partners.

A

Onerous

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7
Q

The right of a person to choice who to associate with.

A

Delectus Personae

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8
Q

A partnership that has not fixed its term.

A

Partnership at Will

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9
Q

The legal personality of the partnership.

A

Juridical Personality

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10
Q

There of NO existing partnership if:

A
  1. Persons who are not partners as to each other are not partners to third persons; except PARTNERSHIP BY ESTOPPEL;
  2. Co-ownership or co-possession
  3. Sharing of gross returns
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11
Q

Refers to the intangible asset of a business. The reputation, value, brand, etc.

A

Goodwill

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12
Q

What are the effects of an unlawful partnership?

A
  • Void from the very beginning
  • Profits shall be confiscated in favor of the government
  • Tools and proceeds of the crime shall be forfeited in favor of the government
  • Contributions of the partners shall NOT be confiscated unless they are used for the crime
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13
Q

Right that is connected to a thing rather than a person.

A

Real Rights

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14
Q

Formal requirements if an immovable property is contributed.

A
  • Inventory
  • Signature of the partners must be present
  • Must appear in a public instrument
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15
Q

Requisites of a lawful object/purpose

A
  • Within the commerce of men
  • Must not be impossible
  • Must not be contrary to LaMoGcPop (Law, Morals, Good Customs, Public Order/Public Policy)
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16
Q

What happens when a capital of 3,000 or more is contributed but is not registered under SEC?

A

Still valid

17
Q

What happens when a land is contributed but there is no inventory present?

A

Void

18
Q

Only the usufruct of the property is contributed.

A

Universal Property of All Profits

19
Q

Formed for a specific time period or to achieve a certain objective.

A

Particular Partnership

20
Q

Ownership of the property of the partners are transferred to the partnership.

A

Universal Partnership of Present Property

21
Q

What are the exceptions of Universal Property of Present Property?

A

Future Properties: Donations, Inheritance, and Legacy

22
Q

What kind of partnership has the least transmission of rights?

A

Universal Property of All Profits

23
Q

The period of existence has been agreed by the partners.

A

Partnership with a Fixed Term

24
Q

Will only exist until the purpose is accomplished.

A

Partnership with a particular undertaking

25
Q

Where two or more bind themselves to contribute money, property, or industry.

A

Ordinary Partnership

26
Q

Persons who represents themselves as partners to third persons are not actually partners.

A

Partnership by Estoppel

27
Q

One which has complied with all the legal requirements.

A

De Jure Partnership

28
Q

One which has not complied with the legal requirements.

A

De Facto Partnership

29
Q

The contributions of the partners in a Universal Partnership of Present Property.

A
  1. Properties that actually belong to the partners
  2. Profits acquired with the said properties
30
Q

What are the exceptions of the future properties for Universal Partnership of Present Property?

A

Fruits of the future properties.

31
Q

What should be considered if it is not stated whether it is a Universal Partnership of Present Property or All Profits?

A

of All Profits

32
Q

Persons who cannot enter into a universal partnership.

A
  • Married couple
  • Live-in partners
  • Those who are guilty of adultery or concubinage
  • Those who are guilty of criminal offense
  • Persons who uses bribery
33
Q

Objects of a particular partnership.

A
  • Determinate thing
  • Their use of fruits
  • Specific Undertaking
  • Exercise of profession

BLAW212 (Partnership and Corporation) (7 decks)

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