Partnership Formation Flashcards
1
Q
Civil Code Art. 1767
A
Partnership Law
2
Q
Partnership
A
- Contract
- 2 or More persons
- Contribute (Money, property, industry)
- Dividing property
3
Q
Stages of Partnership
A
- Formation
- Operations
- Dissolution
- Liquidation
4
Q
Valuation of Cash Investment
A
Face Value
5
Q
Valuation of Non-Cash investment
A
- Agreed Value
- Fair Market Value
- Cost Value
6
Q
Valuation of Liabilities
A
Fair Value (Present Value)
7
Q
Capitalist Partner
A
Cash or Non cash Investments
8
Q
Industrial Partner
A
Services and skills
9
Q
Types of Partnership
A
General and Limited
10
Q
Transactions between the partners and the partnership.
A
Loan Accounts
11
Q
Loan from partners are presented as…
A
LIABILITY
12
Q
Loan to partners are presentad as…
A
Other Receivables
13
Q
The capital ratio is a…
A
Claim against the net asset of the partnership.
14
Q
The profit and loss ratio…
A
determines how much will be distributed among the partners.
15
Q
The profit and loss ratio…
A
determines how much will be distributed among the partners.
