Law on Partnership Flashcards
Pertains to the right to choose who to associate with
delectus personae
The desire to formulate an active union with people among whom there exist mutual confidence and trust
affectio societatis
There is a right of succession in partnership
no; death or retirement dissolves the partnership
The contract of partnership was appear in a public instrument which must be recorded in the sec if the capital is equal to
3,000 or more
The prophets and fruits acquired by each partner after the constitution of the partnership will form part of the contribution in a partnership of all present property only when stipulated
yes
Even properties acquired after the formation of the all present property partnership shall form part of the contribution
no; only when stipulated
Properties subsequently acquired by inheritance legacy ordination cannot be included in the stipulation but the fruits thereof can be included as contribution to on all present property partnership
yes
Limited partners may not contribute
industry
Cause all the rights and powers and restrictions of a general partner except that in respect to his contribution, he shall have the rights against the other members as if he were not a general partner
general limited partner
The direct opposite of a dormant partner or one who participates in the management and is known to third parties as important
notorious or ostensible partner
A partner who withdrew but loaned his contribution to the partnership
quasi partner
A partner who has undertaken to contribute a sum of money and fails to do so becomes debtor for the interest and damages from ______________
the time he should have complied with his obligation; thus no demand is necessary
Who shall bear the loss of a specific and determinate thing contributed which is not fungible and only fair use and fruits be for the common benefit
the partner
Who shall bear the loss of thing contributed if there was an appraisal in the inventory
the partnership
The industrial partner is not required to give additional contribution in case of imminent loss
yes
Is a porter who is required to give additional contribution in case of imminent loss and does not do so, he shall
sell his interest
What is the effect of non-compliance of an industrial partner to the prohibition to engage in other businesses
excluded from the firm cause damages or
avail themselves of the benefits which he may have obtained in violation of such
If a capitalist partner engaged in a business of the same industry, what are the effects of such non-compliance
bring to the partnership all the prophets
liable personally for all the losses
maybe ousted for loss of trust and confidence
A limited partner may engage in other businesses
yes, since they are not engaged in management