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The document discusses several multiple choice questions related to partnership and corporate law in the Philippines. Specifically: - Question 1 asks whether a partner named C is still entitled to liquidation after the dissolution of Partnership ABC if C accepted their share without reservation but refused to sign the final statement of accounts. - Questions 2 through 10 contain additional multiple choice questions about various aspects of partnership and corporation law in the Philippines, including attributes of corporations, factors in determining partnership existence, qualifications for different types of partnerships, grounds for revoking a foreign corporation's license, characteristics of limited partnerships, proxies, types of corporate shares, and effect of transfer of dissenting shares.

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Felsie Jane Penaso
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67 views3 pages

Quiz

The document discusses several multiple choice questions related to partnership and corporate law in the Philippines. Specifically: - Question 1 asks whether a partner named C is still entitled to liquidation after the dissolution of Partnership ABC if C accepted their share without reservation but refused to sign the final statement of accounts. - Questions 2 through 10 contain additional multiple choice questions about various aspects of partnership and corporation law in the Philippines, including attributes of corporations, factors in determining partnership existence, qualifications for different types of partnerships, grounds for revoking a foreign corporation's license, characteristics of limited partnerships, proxies, types of corporate shares, and effect of transfer of dissenting shares.

Uploaded by

Felsie Jane Penaso
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1. Partnership ABC was dissolved.

C promised to sign the last and final statement of accounts as soon as


he receives his shares as shown in said statement. C accepted such share without any reservation but he
refused to sign the statement. Is C still entitled to liquidation?

a. No, the statement was approved from the beginning.


b. Yes, since he did not sign any statement.
c. No, the statement was deemed approved when C received his share without any reservation.
d. Yes, the share he received was not in agreement to what shall be received.
Answer C:

2. The following are the attributes of a corporation EXCEPT:

A. It is an artificial being with separate and distinct personality


B. Limited Life
C. It enjoys the right of Succession
D. It is created by operation of law
Answer: B

3. Which of the following applies in determining the existence of partnership?

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

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

c. Co-ownership or co-possession establish a partnership, whether such co-ownership or copossessors


do or do not share any profits made by the use of the property

d. Co-ownership or co-possession establish a partnership, when co-ownership or co-possessors shares


any profits made by the use of the property

Answer B:

4. Juliana and Nichole want to put up a café and restaurant business. Juliana is a graduate of Bachelor of
Science in Information Technology and has no funds to contribute in the investment. However, Nichole
who is a graduate of Bachelor of Science in Nursing, knows nothing about internet and computer stuff
but she is willing to contribute the funds and property needed. If Juliana and Nichole decide to enter
into a limited partnership, between the two of them, who will be the limited partner?

a. Juliana only.
b. Nichole only.
c. Both Juliana and Nichole.
d. Neither Juliana nor Nichole; hence, they cannot enter into a limited partnership.
Answer B

5. Statement 1: Partnership does not acquire personality despite failure to comply with the
requirements of execution of public instrument and registration of name in SEC.

Statement 2: Partnership with immovable property contributed, if without requisite inventory, signed
and attached to public instrument, shall not acquire any juridical personality because the contract itself
is void.

a. Both statements are true


b. Statement 1 is true, Statement 2 is false
c. Statement 1 is false, Statement 2 is true
d. Both statements are false
Answer C

6. The following are disqualified to form a universal partnership, except:

a. Husband and wife.


b. Man and woman living together as husband and wife without the benefit of marriage.
c. Brother and sister.
d. Those guilty of adultery or concubinage.
Answer C
7. I. A general partnership is the one in which all of the partners are general partners, each of whom is
liable to the extent of their separate properties.

II. Limited partners do not participate in the management of the business, and it does have personal
liability more than the amount of their capital investment for the partnership obligations.

a. Both statements are true.


b. Both statements are false.
c. Statement I is true and statement II is false
d. Statement I is false and statement II is true.
Answer C

8. The license of a foreign corporation to transact business in the Philippines may be revoked or
suspended by the Commission upon what grounds?

a. A misrepresentation of any material matter in any application, report, affidavit or other document not
submitted by such corporation pursuant to this Title.
b. Transacting business in the Philippines within the purpose or purposes for which such corporation is
authorized under its license.
c. Failure to appoint and maintain a resident agent in the Philippines as required by this Title.
d. None of the Above.
Answer: C

9. The following statements are presented to you:

I. A limited partnership is one composed of at least one limited partner and at least one general partner.

II. A limited partner may contribute money or property but not services.

III. The death of a limited partner dissolves the partnership. In your evaluation of the foregoing
statements:

a. I. and II are true


b. I and III are true
c. II and III are true
d. All are true
Answer A

10.

29. Statement 1: A resident agent may be either an individual residing in the Philippines or a domestic
corporation lawfully transacting business in the Philippines.

Statement 2: An individual resident agent must only be of good moral character.

a. Both Statements are true


b. Only the First statement is true.
c. Only the Second statement is true.
d. Both statements are false.
Answer: B

30. It is a characteristic element of partnership wherein it does not depend upon some other contract
for its existence/validity.

a. Onerous
b. Consensual
c. Principal
d. Bilateral
Answer: C

31. Smile and Frown entered into a contract of partnership having an initial capital of P650,000. How
much is the contribution of Smile?

a. 320,000
b. 525,000
c. 325,000
d. None of the above, it did not mention the separate contribution of the partners.
Answer C:

32. This document conferring authority to vote stock in a corporate meeting.

A. Power of attorney
B. Capital Stock
C. Shares of stock
D. Proxy
Answer: D

33. It may be issued by the corporation when expressly so provided in the articles of incorporation.

A. Treasury shares
B. Redeemable shares
C. Founders shares
D. Corporation shares
Answer: B.

34. I. Corporators are those who compose a corporation, whether as stockholders or as members.

II. Incorporators are those stockholders or members mentioned in the articles of incorporation as
originally forming and composing the corporation and who are not signatories thereof.

A. Only statement I is true.


B. Only statement II is true.
C. Both statements are true.
D. Both statements are false.
Answer: A.

35. When does the effect of transfer of dissenting shares take place?

A. If the dissenting stockholder is able to submit the certificates of stock representing it as dissenting
shares to the corporation for notation.
B. If the dissenting stockholder fails to submit the certificates of stock representing it as dissenting
shares to the corporation for notation.
C. If the corporation is able to submit the certificates of stock representing it as dissenting shares to the
dissenting stockholder for notation.
D. If the corporation fails to submit the certificates of stock representing it as dissenting shares to the
dissenting stockholder for notation.
Answer: A

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