Lesson 5

Question 1

It is abusiness organization being owned by one person ( retail store, professional practices)
: The simplest type of entity to start and the least regulated form of organization.

Answer 1

Sole or Single Proprietorship

Question 2

An association of two or
more persons who operate a business as
co-owners by voluntary legal agreement.

Answer 2

Partnership

Question 3

Partners are liable for the business debts.

Answer 3

General Partnership

Question 4

Composed of
partners whose liability is limited to the
amount of capital contributed.
( if not playing any role in its operation).

Answer 4

Limited Partnership

Question 5

A partnership may be constituted in any form except where immovable property or real rights are contributed thereto, in which case a public instrument shall. be necessary.

Answer 5

Article 1771

Question 5

Every contract of partnership having a capital of three thousand pesos or more, in money or property appear in public instrument, which must be recorded in the Office of the. Security & Exchange Commission (SEC).

Answer 5

Article 1772

Question 6

Every partner is a debtor of the partnership for whatever he promised to contribute thereto (in writing).

Answer 6

Article 1786

Question 7

A person admitted as a partner is liable for all obligations of the partnership unless there is an stipulation to the contract.

Answer 7

Article 1826

Question 8

has a judicial personality separate
and distinct from each of the partners even if
the contract between the partners ius not public and is not registered with the SEC.

Answer 8

partnership

Question 9

can acquire and possess
property , may have obligations, and bring
bring civil and criminal actions in conformity
with laws.

Answer 9

Partnership

Question 10

Registering with the ____ is a must requirement for the Partnership to acquire
municipal/city licenses.

Answer 10

Security & Exchange
Commission

Question 11

Refers to a
business arrangement between two or
more persons for a project or transaction
(contribute capital and share profits)

Answer 11

Particular Partnership

Question 12

An agreement
between two or more people to share property, profits, and losses.

Answer 12

Universal Partnership

Question 13

: contributes money or
property to the funds of partnership
: Profits/losses divided as stipulated on
the Article of Partnership.

Answer 13

Capital Partner

Question 14

Share labor, works
: Shares profit in consonance to his
industry/service/labor
: Does not share in losses

Answer 14

Industrial partner

Question 15

: Shares capital, work, industry
: Profits share for his capital
: Shares in losses.

Answer 15

Capitalist-Industrial partner