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RFBT > Partnership > Flashcards

Partnership Flashcards

1
Q

It is a contract whereby 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, or in order to exercise a profession.

A

Partnership

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2
Q

Characteristics of a Partnership

A
  • Consensual
  • Bilateral or Multilateral
  • Nominate
  • Principal
  • Onerous
  • Preparatory
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3
Q

it is perfected by mere consent or the meeting of minds between parties.

A

Consensual

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4
Q

It is entered into between two or more persons.

A

Bilateral or Multilateral

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5
Q

It is designate by a specific name.

A

Nominate

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6
Q

Its existence does not depend on the life of another contract.

A

Principal

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7
Q

certain contributions have to be made.

A

Onerous

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8
Q

– in the sense that after it has been entered into, other contracts essential in the carrying out of its purposes can be
entered into.

A

Preparatory

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9
Q

Dissolution of a partnership may cause by:

A

Death, retirement, insolvency, civil
interdiction, or insanity of a partner dissolves the
partnership.

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10
Q

Except for partnerships by estoppel, persons who are not partners as to each other are not partners as to third persons.

A

True

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11
Q

Co-ownership or co-possession does not of itself establish a partnership, whether such-co-owners or co-possessors do or do not share any profits made by the use of property.

A

True

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12
Q

The receipt by a person of a share of the profits of a business is prima facie evidence that he is a partner in the business, but no such inference shall be drawn if such profits were received in payment:

A
  • debt by installment
  • wages of an employee or rent
  • annuity to a widow
  • interest on a loan
    consideration for sale pf a goodwill
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13
Q

A contract of partnership is void, whenever immovable property is contributed thereto, if an inventory of said property is not made, signed by the parties, and attached to the public instrument.

A

True

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14
Q

All profits acquired by industry or work of the partners
become common property (regardless of whether or not
said profits were obtained through the usufruct contributed).

A

Universal Partnership of All Profit

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15
Q

Only the usufruct of the properties of the partners become common property; naked ownership is retained by each of the partners.

A

Universal Partnership of All Profit

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16
Q

All the property actually belonging to the partners are contributed both ownership and naked ownership

A

Universal partnership of all present property

17
Q

Properties subsequently acquired by inheritance, legacy,
or donation, cannot be included in the stipulation, but the
fruits thereof can be in included in the stipulation.

A

Universal partnership of all present property

18
Q

Persons not allowed to form a universal partnership

A
  • husband and wife
  • guilty of adultery and concubinage
  • guilty of criminal offense
19
Q

A partnership exists particular where the object are:

A
  • determinate things
  • specific undertaking
  • exercise of a profession or occupation
20
Q

Partnership according to LIABILITY:

A
  • General
  • Limited
21
Q

A partnership where all the partners are general partners whose liability extends to their individual properties, after the assets of the partnership have been exhausted.

A

General Partnership

22
Q

Partnership where at least one of the partners are liable only up to the extent of his contribution.

A

Limited Partnership

23
Q

Partnership according to TERM

A
  • Fixed term or particular undertaking
  • Partnership at will
24
Q

Obligations of a Partner

A
  1. To give his contribution
  2. Deliver the fruits of what has been delivered
  3. Warrant the thing delivered against eviction
25
Q

Risk of Loss

A
  1. Loss borne by the partner
  2. Loss borne by the partnership
26
Q

Some rights of a partner

A
  1. Property rights
  2. To Associate with another person in his share
  3. To inspect and copy partnership books
  4. To demand a formal account
  5. To ask for a dissolution of the firm at the proper time
27
Q

Kins of Partners According to Contribution

A
  1. Capitalist Partners
  2. Industrial Parters
  3. Capital-industrial partners
28
Q

Prohibition to engage in other business

A
  1. Industrial parter without permission
  2. Capitalist partners entering into same industry unless allowed
  3. Forced sale of partner’s interest
  4. Managing partner collecting from a common debtor
29
Q

Effects in non-compliance of capitalist partners in entering business:

A
  1. Obtained profits will be brought to partnership
  2. Liable personally for all losses of the entered business
  3. Outshed for loss of trust and confidence
30
Q

Distribution of Profits

A
  1. In accordance with the agreement
  2. In proportion to contribution and the industrial partner may receive just and eqittable
31
Q

Distribution of losses

A
  1. In accordance with agreement
  2. In accordance to contribution
  3. The industrial partner is not liable for losses
32
Q

The power to execute all acts of administration can only be revoked if

A
  1. with just or lawful cause
  2. by a vote of the partners representing the controlling interest
33
Q

Associate shall not be admitted into the
partnership without the consent of all the other partners, even if the partner having an associate should be a manager.

A

True

34
Q

Property rights of a partner

A
  1. His rights in specific partnership property
  2. His interest in the partnership
35
Q

Rights of the assignee/conveyee:

A
  1. To get profits the assignor-partner would have obtained.
  2. To avail of the usual remedies in case of fraud in the management.
  3. Receive assignor’s interest in the event of a dissolution
36
Q

Obligations of partners with regard to third parties:

A
  1. Firm name
  2. Liability after exhaustion of partnership assets
  3. Authority to act for and in behalf of the partnership
37
Q
A

RFBT (1 decks)

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