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PARTNERSHIP > Partnership Formation(Theories) > Flashcards

Partnership Formation(Theories) Flashcards

1
Q

Kind of partners as to the nature of contribution

A

Capitalist
Industrial
Capitalist-industrial

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2
Q

One who contributes money or property into the partnership

A

Capitalist partner

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3
Q

One who contributes only his industry or services to the partnership

A

Industrial partner

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4
Q

One who contributes money or property as well as his services to the partnership

A

Capitalist-industrial partner

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5
Q

Kind to of partners as to liabilities to third person

A

General

Limited

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6
Q

Whose liability to partnership creditors extends to his personal separate property

A

General partner

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7
Q

Whose liability to third person is limited his capital contribution

A

Limited partner

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8
Q

Kind of partners as to partners’ interest or obligation to the business

A 
Managing
Secret
Silent
Dormant
Ostensible
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9
Q

One who manages the affairs of the business

A

Managing partner

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10
Q

One who is not known by third parties to be a partner in the business but takes active part in the business

A

Secret partner

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11
Q

One who does not take active part in the business but is known by third parties to be a partner in the business

A

Silent partner

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12
Q

One who does not take active part in the business and is not known by third parties to be a partner

A

Dormant partner

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13
Q

One who takes active part and known to the public as a partner in the business, whether or not he has an actual interest in the firm

A

Ostensible partner

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14
Q

Is one in which no time or period is specified for its existence and is not formed for a particular undertaking or venture

A

Partnership at will

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15
Q

This may be terminated anytime by mutual agreement of the partners or by the will of any one partner alone

A

Partnership at will

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16
Q

Is one in which the term for which the partnership will exist is fixed or agreed upon

A

Partnership with a fixed term

17
Q

Applies to a partnership that is formed for a particular objective or undertaking

A

Partnership with a fixed term

18
Q

Organized to undertake business transactions such as merchandising or manufacturing transactions

A

Commercial or trading partnership

19
Q

Formed for the practice of a profession, such as auditing firm(for CPAs), law firm(for lawyers), medical clinic (for medical practitioners), and similar professions.

A

Professional partnership

20
Q

Each partner is assumed to be am agent for all partnership activities with the power to bind all other partners by his actions on behalf of the partnership

A

Mutual agency

21
Q

Written contract of a partnership

A

Articles of Co-partnership

22
Q

A partnership in which all partners are general partners

A

General partnership

23
Q

A partnership that is composed of one or more general partners and one or more limited partners

A

Limited partnership

24
Q

A partnership agreement is perfected by mere consent, that is, upon express or implied agreement of two or more person.

A

Voluntary agreement

25
Q

A partner whose liability for partners dents is limited to his capital contribution to the partnership is called a

A

Limited partner

26
Q

A partner whose connection with the partnership is open and public, so that his nam is included in the firm name of the partnership, is called

A

Ostensible partner

27
Q

A Partner who has no voice or participation in the management of the affairs of the partnership is called

A

Silent partner

28
Q

One who takes charge of the winding up of partnership affairs upon dissolution is called

A

Liquidation partner

29
Q

A partnership contract is perfected by mere consent, which makes it

A

Consensual

30
Q

Partnership contract has a special designation in law, which makes it

A

Nominate

31
Q

Agreement of the partners embodied in a public instrument is called

A

Articles of co-partneship

PARTNERSHIP (1 decks)

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