Lesson 3

Question 1

The law of Partnership is governed by_____

Answer 1

The Civil Code of the Philippines

Question 2

The Law in Corporation is governed by _____

Answer 2

Batas Pambansa bilang 68, the Corporation Code of the Philippines

Question 3

By a contract of partnership 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.

Answer 3

Article 1767 Civil Code

Question 4

All partners contribute all of their properties to a common fund and speaks of no particular purpose or subject matter, as long as the purpose in forming partnership is obtain profits and is not contrary to law, morals, public order and policy.

Answer 4

Universal Partnership

Question 5

Has its object to determine things, their use or fruits or a specific undertaking or the exercise of profession or a vocation - particular tasks

Answer 5

Particular Partnershil

Question 6

Where this partnership liabilities extend to their personal properties

Answer 6

General Partnership

Question 7

Formed by two or more prrsons having as general partners or more limited, where the liability of the latter to third person is limited to their capital contribution. Usually the company name attached with “LTD” or “Limited”

Answer 7

Limited Partnership

Question 8

One in which the term of existence has been agreed upon expressly or impliedly. The expiration of the term or accomplishmemt of the undertaking shall dissolve the partnership.

Answer 8

Partnership for a Fixed Term

Question 9

-overdeas the securities industry, ensuring the companies follow rules and protecting investors from fraud.
-also promotes fair markets and educate investors
-is to maintain integrity in markeys, build investor trust, and support economic growth.

Answer 9

Securities and Exchange Commission (SEC)

Question 10

Contribute capital or assets to the partnership. May provide funds, property, equipment, or other resources that are necessary for the operation.
Have also financial stake in the partnership, share in its profits and losses in according to the terms of the partnership agreement.

Answer 10

Capitalist Partners

Question 11

Contribute to their skills, expertise, labor or management abilities to the partnership. They may posses specialized knowledge or experience that is essential for the success of he business. Contribute time and effort to the partnership

Answer 11

Industrialist Partners

Question 12

Penalty which deprives a person to manage his properties

Answer 12

Civil Interdiction

Question 13

Financial condition where one’s liabilities exceeds his assets at any given time. Or bankrupt

Answer 13

Insolvency

Question 14

One which is for profit and has a capital stock divided into shares and is authorized to distribute to the holders of such shares, dividends of the surplus profits. Governed by BOD(BOARD OF DIRECTORS)

Answer 14

Stock Corporation

Question 15

One where no part of its income is distributable as dividends to its members, trustees, or officers. Governed by Board of Trustees.

Answer 15

Non-Stock Corporation

Question 16

Organized in accordance with requirements of the law

Answer 16

Corporation de Jure

Question 17

One which has flaw or problem in its corporation

Answer 17

De Facto Corporation

Question 18

One formed or organized for the government of a portion of the State. Created by its own charter for the exercise of the Public Function

Answer 18

Public Corporation

Question 19

One formed or organize for some private purpose, aim or emd. Created by incorporation under the Corporation Code

Answer 19

Private Corporation

Question 20

Organized for the purpose of administering and managing as trustee, the affairs, property and temporalities of any religious denomination, sect or church, There is only One Incorporator

Answer 20

Corporation Sole

Question 21

One organizer fot the charitable purposes — non profitable/donationd

Answer 21

Eleemosynary Corporation

Question 22

Corporation formed, organized and existing under the laws of the Philippokes. Locally

Answer 22

Domestic Corporation

Question 23

A corporation formed, organized or existing under any laws other those of the Philippines and whose paes allow Filipino Citizens and corporation to do business in their country or state

Answer 23

Foreign Corporation

Question 24

Being the one to build own business without partners or corporation

Answer 24

Sole Proprietorship

Question 25

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

Answer 25

Corporation

Question 26

Created by mere agreement

Answer 26

Partnership

Question 27

Created by operation of the law

Answer 27

Corporation