Chapter 8 Flashcards
General partnerships, simple limited liability partnership, silent partnership
The main elements which characterize the General Partnership are:
D –> All of the above
The deed of the General Partnership can be changed:
A –> By unanimous consent.
The General Partnership is a contractual form, which means that the principle of freedom of contract prevails in relations between the partners, and hence:
A –> The statutes only apple one a subsidiary basis.
When there are “service partners” in the General Partnership can consist of:
C –> That mere contribution of personal services by partners to the Partnership are allowed.
In case of so called “statutory management”:
A –> The management is entrusted to one partner in the contractual company public deed.
General partners have an obligation not to compete with the partnership dealing in the same type of trade under which of these circumstances?
A –> If the partnership has no specific type of trade, the partner must request the authorization of the other partners to compete.
General Partners have the right to share profits and the distribution of assets upon dissolution under which circumstances?
D –> Only if partners have not provided otherwise, any rule is applicable on a subsidiary basis the share is in profits in proportion to their share in the partnership.
In the absence of an agreement to the contrary in the partnership agreement, the genral rule is that power of representation of the partnership:
A –> is granted to each partner by law both joint and severally.
Liability of the members of the General Partnership:
D –> All of the above.
The Simple Limited Liability Partnership is characterized by the coexistence of:
A –> Partners who have unlimited liability for partnership debts (general partners) and partners whose liabilities is limited (silent partners).
