Multiple Choice Questions

MCQ on Partnership
Articles 1767-1867
Answer No. Statements
C 1 The following are essential requisites of a
contract of partnership, except:
Article A. THE PARTNERSHIP MUST BE ORGANIZED FOR GAIN OR
1767 PROFIT
B. THERE MUST BE A VALID CONTRACT
C. THERE MUST BE A CONTRIBUTION OF MONEY,
PROPERTY, OR INDUSTRY TO INDIVIDUAL FUNDS
D. THE PARTNERSHIP SHOULD HAVE A LAWFUL OBJECT OR
PURPOSE
B 2 The following statements define an artificial
person, except:
Article A. IT IS CREATED BY LAW
1768 B. IT IS ONLY TREATED LESS THAN A HUMAN BEING
C. IT IS A BEING, REAL OR IMAGINARY
D. IT IS GIVEN CERTAIN LEGAL RIGHTS AND DUTIES OF
A HUMAN BEING
D 3 The following does not form a partnership by
itself, except:
Article A. CO-OWNERSHIP
1769 B. CO-POSSESSION
C. SHARING OF GROSS RETURNS
D. AGREEMENT OF PARTNERS
A 4 The following statements pertain to the effects of
an unlawful partnership, except:
Article A. THE PROFITS SHALL BE CONFISCATED IN FAVOR OF
1770 THE CREDITORS.
B. THE CONTRACT IS VOID FROM THE VERY BEGINNING.
C. THE INSTRUMENTS OR TOOLS AND PROCEEDS OF THE
CRIME SHALL BE FORFEITED IN FAVOR OF THE
GOVERNMENT.
D. THE CONTRIBUTIONS OF THE PARTNERS SHALL NOT BE
CONFISCATED UNLESS IT IS CONSIDERED AS
PROCEEDS OF THE CRIME.
B 5 This refer to the right which is connected with a
thing rather than a person.
Article A. PERSONAL RIGHTS
1771 B. REAL RIGHTS
C. PRIVATE RIGHTS
D. PROPRIETARY RIGHTS
A 6 This pertains to the amount of capital a
partnership has wherein a form in the Office of
Article Securities and Exchange Commission is required.
1772 A. 3,000 PESOS OR MORE
B. ABOVE 3,000 PESOS
C. 2,000 PESOS OR MORE
 D. ABOVE 2,000 PESOS
B 7 If an inventory of immovable property is
contributed and there is no signature by the
Article parties, the contract of partnership is considered
1773 A. VALID
B. VOID
C. VOIDABLE
D. ABSOLUTE
A 8 This can be acquired in the partnership name and
from then on conveyed in it.
Article A. IMMOVABLE PROPERTY OR ANY INTEREST
1774 B. PERSON WHO SIGNED THE CONTRACT
C. TO-BE ACQUIRED PROPERTY
D. GOVERNMENT SUBSIDIES
B 9 This pertains to the provision governing the
associations and societies, whose articles are kept
Article secret among the members that may contract in his
1775 own name with third persons.
A. PROVISIONS OF PARTNERSHIP
B. PROVISIONS OF CO-OWNERSHIP
C. PROVISIONS OF JUDICIAL PERSONALITY
D. PROVISIONS OF BUSINESS ASSOCIATIONS
C 10 This is a classification of partnership which
universal partnership and particular partnership
Article falls into.
1776 A. ACCORDING TO REPRESENTATION TO OTHERS
B. ACCORDING TO LIABILITY
C. ACCORDING TO OBJECT
D. ACCORDING TO SCOPE
A 11 This refers to a kind of universal partnership.
A. PARTNERSHIP OF ALL PRESENT PROPERTY
Article B. PARTNERSHIP OF ALL RECENT PROPERTY
1777 C. PARTNERSHIP OF ALL LOSSES
D. PARTNERSHIP OF ALL NET PROFIT
D 12 This best describes the intention of partners in a
partnership of all present property.
Article A. DIVIDE THE PROFITS ACQUIRED PREVIOUSLY BY THE
1778 BUSINESS AMONG THEMSELVES AND THE EXISTING
CREDITORS IN THE SAME WAY AS THEY CONTRIBUTED
THE PROPERTY.
B. DIVIDE THE PROFITS AND LOSSES WHICH THEY MAY
ACQUIRE THEREWITH AMONG THEMSELVES IN JUST AND
EQUAL WAY.
C. DIVIDE THE PROPERTY, PROFITS AND LOSSES
GENERATED BY THE PARTNERSHIP FROM THE MOMENT
OF THE EXECUTION OF THE CONTRACT.
D. DIVIDE THE PROPERTY AND PROFITS WHICH THEY MAY
ACQUIRE THEREWITH AMONG THEMSELVES IN THE SAME
WAY AS THEY CONTRIBUTED THE PROPERTY.
B 13 Future properties include the following, except:
A. INHERITANCE
Article B. ABANDONED ESTABLISHMENTS
1779 C. DONATION
D. LEGACY
C 14 The following situation may happen in the universal
partnership of profits, except:
Article A. PARTNERS RETAIN THEIR OWNERSHIP OVER THEIR
1780 PRESENT PROPERTY.
B. PARTNERS RETAIN THEIR OWNERSHIP OVER THEIR
FUTURE PROPERTY.
C. THE USE OF PROFITS ARE PASSED TO INDIVIDUAL
PARTNERS.
D. THE PROFITS ARE PASSED TO THE PARTNERSHIP.
D 15 This reason justifies that universal partnership of
profits imposes less obligation.
Article A. PROFITS ARE CONSIDERED AGREEABLE THAN LOSSES.
1781 B. LOSSES ARE INCLUSIVE TO THE PARTNERSHIP ONLY.
C. REAL AND PERSONAL PROPERTIES ARE PASSED TO THE
PARTNERSHIP FOR CAPITAL.
D. REAL AND PERSONAL PROPERTIES ARE RETAINED IN
THE PARTNER’S OWNERSHIP.
B 16 The following cannot enter into a universal
partnership, except:
Article A. LEGALLY MARRIED SPOUSES
1782 B. FRIENDS
C. PERSONS LIVING TOGETHER AS HUSBAND AND WIFE
WITHOUT A VALID MARRIAGE.
D. PERSONS WHO ARE GUILTY OF ADULTERY AT THE TIME
OF THE DONATION.
D 17 The following pertains to the objects of a
particular partnership except:
Article A. DETERMINATE THINGS
1783 B. USE OR FRUITS OF DETERMINATE THINGS
C. SPECIFIC UNDERTAKING
D. GENERIC THINGS
C 18 This pertains to when a partnership begins.
A. FROM THE MOMENT OF MEETING OF THE MINDS
Article B. FROM THE MOMENT OF ESTABLISHING THE RIGHTS AND
1784 DUTIES OF THE PARTNERS
C. FROM THE MOMENT OF EXECUTION OF THE CONTRACT
D. FROM THE MOMENT OF REGISTRATION ON THE OFFICE
OF SECURITIES AND EXCHANGE COMMISSION
B 19 Without any express agreement, the continuation of
a partnership for a fixed term that is terminated
Article makes the rights and duties of the partners
1785 A. VOID
B. REMAIN THE SAME
C. TERMINATED
D. NULLED
B 20 This pertains to a partner who promised to
contribute to the partnership but failed to do so.
Article A. CREDITOR OF THE PARTNERSHIP
 1786 B. DEBTOR OF THE PARTNERSHIP
C. DEBTOR OF A THIRD PERSON
D. CREDITOR OF A THIRD PERSON
A 21 In the absence of any stipulation regarding the
appraisal of contributed good, they are the ones
Article who shall choose experts.
1787 A. PARTNERS
B. INDIVIDUAL CREDITORS
C. SUPPLIERS
D. GOVERNMENT
B 22 A partner who has undertaken to contribute a sum of
money and fails to do so becomes:
Article A. CREDITOR FOR THE INTEREST AND DAMAGES
1788 B. DEBTOR FOR THE INTEREST AND DAMAGES
C. OBLIGOR FOR THE DAMAGES ONLY
D. OBLIGEE FOR THE INTEREST AND DAMAGES
B 23 This refers to a partner who cannot engage in
business for himself.
Article A. CAPITALIST PARTNER
1789 B. INDUSTRIAL PARTNER
C. GENERAL PARTNER
D. LIMITED PARTNER
A 24 Unless there is a stipulation to the contrary, the
contribution of each partners to the capital must
Article be:
1790 A. EQUAL SHARES
B. 40%-60%
C. LABOR ONLY
D. MONEY ONLY
A 25 If there is no general agreement, the obligation in
case of eminent loss by any partner who refuses to
Article contribute an additional share to the capital,
1791 except for an industrial partner, shall be:
A. TO SELL HIS INTEREST TO THE OTHER PARTNERS
B. TO LEAVE THE PARTNERSHIP
C. TO VENTURE TO ANOTHER BUSINESS
D. TO CONSULT A CREDITOR FOR PERSONAL FUNDING
D 26 It refers to a requisite for the obligation of a
managing partner who collects debt.
Article A. THERE MUST BE AT LEAST ONE DEBT
1792 B. THERE MUST BE A DEBT THAT IS NOT DEMANDABLE
C. THERE MUST BE AT LEAST THREE DEBTS
D. THERE MUST BE BOTH SUMS OF DEMANDABLE DEBTS
C 27 An equity demands proportionate share in the:
A. BENEFITS ONLY
Article B. LOSSES ONLY
1793 C. BENEFITS AND LOSSES
D. CAPITAL FUND
A 28 The following states the obligation of a partner,
except:
Article A. TO DO PERSONAL BUSINESS OUTSIDE THE
 1794 PARTNERSHIP BUSINESS
B. TO EARN BENEFITS FOR THE PARTNERSHIP
C. TO EARN PROFITS FOR THE PARTNERSHIP
D. NOT TO CAUSE DAMAGES THROUGH NEGLIGENCE FOR
THE PARTNERSHIP
B 29 It refers to who shall borne the risks caused by
specific and determinate things which are
Article contributed to the partnership for common benefits
1795 and is not considered fungible.
A. ALL GENERAL PARTNERS
B. THE PARTNER WHO OWNS THEM
C. THE PARTNERS WHO DOES NOT OWN THEM
D. ALL CAPITALIST PARTNERS
B 30 This refers to an obligation of the partnership to
every partner.
Article A. TO ESTABLISH PERSONAL GROWTH
1796 B. TO REFUND THE AMOUNTS A PARTNER MAY HAVE
DISBURSED ON BEHALF OF THE PARTNERSHIP
C. TO REFUND THE AMOUNTS OF A PARTNER MAY HAVE
OWE TO THE THIRD PERSON IN PERSONAL CONTEXT
D. TO PROMOTE SOCIAL WELFARE AND DEVELOPMENT
AMONG PARTNERS
B 31 If there is no agreement on the rules for
distribution of profits and losses, their share
Article will be just and equitable under the circumstance.
1797 A. CAPITALIST PARTNERS
B. INDUSTRIAL PARTNERS
C. GENERAL PARTNERS
D. LIMITED PARTNERS
A 32 In this case, the designation of interest shall be
done by a third person as to the shares of partners
Article in the profits and losses.
1798 A. WHEN IT IS MANIFESTLY PROVOKED
B. WHEN IT IS MANIFESTLY INEQUITABLE
C. WHEN MAJORITY OF THE PARTNERS AGREED TO IT
D. WHEN THERE IS A STIPULATION TO THE CONTRARY
B 33 It is considered void if it excludes one or more
partners from any share in the profits or losses.
Article A. CONTRACT OF PARTNERSHIP
1799 B. STIPULATION
C. BUSINESS PERMIT
D. GOVERNMENT ALLEGIANCE
C 34 It is to whom the management is vested if there was
no agreement on who shall manage the partnership.
Article A. LIMITED PARTNERS
1800 B. MAJORITY PARTNERS
C. ALL OF THE PARTNERS
D. THIRD PERSONS
C 35 If two or more partners have been entrusted with
the management without specification of respective
Article duties, the general rule to be applied is:
 1801 A. BOTH OF THEM SHALL ACT WITH THE CONSENT OF THE
OTHER
B. NO ONE SHALL EXECUTE ANY ACT OF ADMINISTRATION
C. EACH ONE MAY SEPARATELY EXECUTE ALL ACTS OF
ADMINISTRATION
D. THERE WILL BE A VOTE TO HAVE ONLY ONE MANAGING
PARTNER
C 36 If none of the managing partners shall act without
the consent of the others, this shall be necessary
Article for the validity of the acts and absence or
1802 disability of any managing partner cannot alleged.
A. UNANIMOUS CONSENT OF ALL GENERAL PARTNERS
B. UNANIMOUS CONSENT OF ALL MAJORITY PARTNERS
C. UNANIMOUS CONSENT OF ALL MANAGING PARTNERS
D. UNANIMOUS CONSENT OF ALL THIRD PERSONS
D 37 If the manner of management has not agreed upon,
this shall be required for important alterations in
Article immovable property.
1803 A. LIQUIDATION
B. CONSENT OF ONE PARTNER
C. FORMATION
D. UNANIMITY
A 38 It refers to a requirement for an associate to be
admitted into the partnership.
Article A. CONSENT OF ALL PARTNERS
1804 B. CONSENT OF ALL THIRD PERSONS
C. GOVERNMENT’S CONSENT
D. CONSENT GIVEN BY THE COURT
D 39 These refer to partners who are allowed to access,
inspect and have a copy of the partnership books at
Article any reasonable hour.
1805 A. MANAGING PARTNERS
B. MAJORITY PARTNERS
C. GENERAL PARTNERS
D. ALL OF THE PARTNERS
D 40 The following may demand true and full information
of all things affecting the partnership, except:
Article A. LEGAL REPRESENTATIVE OF ANY DECEASED PARTNER
1806 B. LEGAL REPRESENTATIVE IF ANY PARTNER UNDER
DISABILITY
C. ANY OF THE PARTNERS
D. ANY OF THE THIRD PERSONS
A 41 These are partners who must account to the
partnership for any benefit, and hold as trustee
Article for it.
1807 A. ALL OF THE PARTNERS
B. LIQUIDATING PARTNERS
C. MANAGING PARTNERS
D. GENERAL PARTNERS
D 42 These are partners who cannot engage for their own
account in any operation which is the kind of
Article business the partnership is engaged in.
1808 A. GENERAL PARTNERS
B. MAJORITY PARTNERS
C. LIMITED PARTNERS
D. CAPITALIST PARTNERS
D 43 The following are exceptions in the general rule:
No formal accounting is demandable until after the
Article dissolution of the partnership; except:
1809 A. IF A PARTNER IS WRONGFULLY EXCLUDED FROM THE
PARTNERSHIP BUSINESS OR POSSESSION OF ITS
PROPERTY BY HIS CO-PARTNERS
B. IF THE RIGHT TO DEMAND FOR ACCOUNTING EXISTS
UNDER THE TERMS OF ANY AGREEMENT
C. WHENEVER OTHER CIRCUMSTANCES RENDER IT JUST
AND REASONABLE
D. IF THERE IS A STIPULATION TO THE CONTRARY
PERTAINING TO FRAUDULENT ACTS
B 44 The following are considered property rights of a
partner, except:
Article A. RIGHT IN SPECIFIC PARTNERSHIP PROPERTY
1810 B. RIGHT IN GENERIC PARTNERSHIP PROPERTY
C. HIS INTEREST IN THE PARTNERSHIP
D. RIGHTS TO PARTICIPATE IN THE PARTNERSHIP
C 45 This pertains to the transfer of rights or
property.
Article A. HAULING
1811 B. HEDGING
C. ASSIGNMENT
D. ALLOCATION
D 46 It refers to a partner’s interest in the
partnership.
Article A. PROFITS AND LOSSES
1812 B. SURPLUS AND DISBURSEMENTS
C. REVENUE INCOME
D. GROSS OPERATING PROFIT
B 47 This refers to the voluntary transfer of a right or
of property.
Article A. ASSIGNMENT
1813 B. CONVEYANCE
C. PARTNERSHIP
D. PURCHASE
C 48 This refers to the extinguishment of the charge or
attachment on the partner’s interest in the
Article profits.
1814 A. NOVATION
B. SUBROGATION
C. REDEMPTION
D. EXECUTION
B 49 It refers to the name every partnership must
operate in.
Article A. THIRD PERSONS’ NAME
 1815 B. FIRM NAME
C. MAJORITY PARTNERS’ NAME
D. DEBTORS’ NAME
B 50 It/they is/are liable if a partner enters into a
contract with a third person in his own name.
Article A. THE PARTNER AND PARTNERSHIP
1816 B. THE PARTNER ONLY
C. THE PARTNER, PARTNERSHIP AND CREDITORS
D. THE PARTNER, PARTNERSHIP, EMPLOYEES AND
CREDITORS
A 51 It is to whom a stipulation against liability of
all partners for the contracts entered into the
Article name of the partnership is considered void.
1817 A. THIRD PERSONS
B. PARTNERS
C. GOVERNMENT
D. SEC
A 52 These are partners considered agent of the
partnership.
Article A. ALL OF THE PARTNERS
1818 B. MANAGING PARTNERS
C. DORMANT PARTNERS
D. SILENT PARTNERS
C 53 Real property may be registered or owned the name
of the following, except:
Article A. THE PARTNERSHIP
1819 B. ONE OR MORE PARTNERS
C. ANOTHER BUSINESS ENTITY
D. ALL THE PARTNERS
A 54 This refers to a statement in which someone admits
that something is true or that he or she has done
Article something wrong.
1820 A. ADMISSION
B. LIE DETECTOR TEST
C. CONFESSION
D. GUILT
B 55 The general rule is that, notice to the partners is
notice to:
Article A. HIS FAMILY
1821 B. PARTNERSHIP
C. THIRD PERSONS
D. CREDITORS
A 56 This is liable if any partner acting in ordinary
course of business or with the authority of co-
Article partners had done any wrongful act or omission.
1822 A. PARTNERSHIP
B. THIRD PERSONS
C. GUARANTOR
D. COURT
A 57 If a partner or the partnership received money or
property from a third person, and a partner
Article misapplied it, the partnership is:
1823 A. LIABLE
B. NOT LIABLE
C. LIQUIDATED
D. DISSOLVED
B 58 All partners are liable in this concept with the
partnership for everything chargeable to the
Article partnership.
1824 A. JOINTLY
B. SOLIDARILY
C. JOINTLY AND SOLIDARILY
D. SEPARATELY
D 59 The follow are ways which a person can do to
represent himself in a partnership, except:
Article A. BY WORDS SPOKEN
1825 B. BY WORDS WRITTEN
C. BY CONDUCT
D. BY THIRD PERSON
A 60 It is when a person admitted as a partner into an
existing partnership is liable for all the
Article obligations of the partnership arising.
1826 A. ALL BEFORE HIS ADMISSION
B. ALL THEREFROM
C. NEXT YEAR AFTER THE ADMISSION
D. A YEAR BEFORE THE ADMISSION
B 61 The creditors of the partnership shall be preferred
to those of each partner as regards to:
Article A. PARTNERSHIP TRANSACTIONS
1827 B. PARTNERSHIP PROPERTY
C. CUSTOMERS
D. BANK
B 62 Legal personality of the partnership is retained
until this process is completed.
Article A. PARTITION
1828 B. WINDING UP
C. DISSOLUTION
D. TERMINATION
B 63 This process occurs after the dissolution of a
partnership which leads to its termination.
Article A. EXECUTION OF RIGHTS
1829 B. WINDING UP
C. EXECUTION OF CONTRACT
D. REPUDIATION
D 64 This is one of the causes of dissolution.
A. DEATH OF A CREDITOR
Article B. INSOLVENCY OF A CREDITOR
1830 C. CIVIL INTERDICTION OF A THIRD PERSON
D. DECREE OF COURT
C 65 It shall decree a dissolution whenever a partner
has been declared insane or of unsound mind.
Article A. PARTNERSHIP
 1831 B. PARTNER
C. COURT
D. SEC
C 66 This stage terminates all authority of any partner
to act for the partnership.
Article A. PARTITION
1832 B. WINDING UP
C. DISSOLUTION
D. TERMINATION
C 67 Where the dissolution is caused by the act, death
or insolvency of a partner, each partner is liable
Article to whom?
1833 A. TO HIS PERSONAL CREDITORS
B. TO HIS EMPLOYEES
C. TO HIS CO-PARTNERS
D. TO THE THIRD PERSONS
A 68 After the dissolution, a partner can bind the
partnership by:
Article A. ANY ACT APPROPRIATE FOR WINDING UP PARTNERSHIP
1834 AFFAIRS OR COMPLETING TRANSACTIONS UNFINISHED
AT DISSOLUTION
B. RESTRICTED ACT APPROPRIATE FOR WINDING UP
PARTNERSHIP AFFAIRS OR COMPLETING TRANSACTIONS
FINISHED AT DISSOLUTION
C. BUSINESS TRANSACTIONS THAT ARE STILL ON HOLD
FOR FUTURE ADMINISTRATION
D. ANY TRANSACTION THAT WILL NOT BIND THE
PARTNERSHIP IF DISSOLUTION HAD NOT TAKEN PLACE
D 69 It does not of itself discharge the existing
liability of a partner.
Article A. PAYMENT ON CREDITORS
1835 B. BANKRUPTCY DECLARATION
C. GOVERNMENT INTERVENTION
D. DISSOLUTION
D 70 It shall wind up a judicial liquidation.
A. LIQUIDATING PARTNER
Article B. PARTNERS WHO HAVE NOT WRONGFULLY DISSOLVED THE
1836 PARTNERSHIP
C. LEGAL REPRESENTATIVE OF THE LAST SURVIVING
PARTNER
D. PERSON APPOINTED BY THE COURT
B 71 It refers to the administration of the assets for
the purpose of terminating the business and
Article discharging the obligations of the partnership.
1837 A. DISSOLUTION
B. WINDING UP
C. TERMINATION
D. PARTITION
B 72 The following are rights of a partner who is
entitled to rescind, except:
Article A. RIGHT OF RETENTION
 1838 B. RIGHT OF NULLITY
C. RIGHT OF INDEMNIFICATION
D. RIGHT OF SUBROGATION
A 73 It pertains to partnership assets.
A. A PARTNERSHIP PROPERTY AND CONTRIBUTIONS OF
Article THE PARTNERS FOR PAYMENT OF ALL THE
1839 LIABILITIES
B. PARTNERSHIP PROPERTY AND CREDITOR ASSETS
C. PARTNERSHIP PROPERTY AND PARTNER’S PERSONAL
PROPERTIES
D. GENERAL PARTNERS’ PROPERTY
C 74 The succeeding partners or parties have the right
to carry on the business under the old name, this
Article type of partnership is allowed to do so.
1840 A. GOVERNMENT OWNED PARTNERSHIP
B. PROFESSIONAL PARTNERSHIP
C. COMMERCIAL PARTNERSHIP
D. UNIVERSAL PARTNERSHIP
B 75 It is a right of a partner who retires or dies and
the business is continued without any settlement of
Article accounts.
1841 A. TO HAVE THE VALUE OF HIS INTEREST AT THE DATE
OF WINDING UP
B. TO HAVE THE VALUE OF HIS INTEREST AT THE DATE
OF DISSOLUTION ASCERTAINED
C. TO RECEIVE HIS SHARE ON THE PROFITS AT THE
DATE OF RETIREMENT OR DEATH
D. TO RECEIVE HIS INVESTMENT WITH THE SUCCEEDING
PROFITS OF THE BUSINESS
D 76 The following has an obligation to render an
account, except:
Article A. WINDING UP PARTNERS
1842 B. SURVIVING PARTNERS
C. PERSON/PARTNERSHIP CONTINUING THE BUSINESS
D. CREDITORS OF THE PARTNERSHIP
C 77 A limited partnership is formed by:
A. LIMITED PARTNERS
Article B. ONE OR MORE GENERAL PARTNERS
1843 C. ONE OR MORE LIMITED PARTNERS AND ONE OR MORE
GENERAL PARTNERS
D. LIMITED PARTNERS, GENERAL PARTNERS AND
CREDITORS
C 78 A certificate of a limited partnership shall not
need to state:
Article A. CHARACTER OF THE BUSINESS
1844 B. NAME OF THE PARTNERSHIP WITH THE WORD
“LIMITED”
C. NAME AND PLACE OF RESIDENCE OF EACH EMPLOYEE
AND MEMBER
D. THE ADDITIONAL CONTRIBUTIONS TO BE MADE BY
EACH LIMITED PARTNER
 D 79 It cannot be contributed by a limited partner.
A. MONEY
Article B. PROPERTY
1845 C. CASH
D. SERVICES
B 80 These partners’ surname cannot appear in the
partnership name.
Article A. GENERAL PARTNERS
1846 B. LIMITED PARTNERS
C. CAPITALIST PARTNERS
D. INDUSTRIAL PARTNERS
A 81 This is to whom liability is held if one suffers
loss by reliance on such false statement in the
Article certificate of limited partnership.
1847 A. ANY PARTY WHO IS IN BAD FAITH
B. ANY PARTY WHO HAD DRAWN THE STATEMENT
C. DEBTOR OF THE LIMITED PARTNERSHIP
D. CREDITOR OF THE LIMITED PARTNERSHIP
C 82 A limited partner shall not become liable as a
general partner, unless:
Article A. HE TAKES/ACQUIRES THE RIGHTS OF A GENERAL
1848 PARTNER
B. HE PROMOTES HIMSELF IN THE REGULAR MEETING
C. HE TAKES PART IN THE CONTROL OF THE BUSINESS
D. HE PAYS THE CREDITORS OF THE PARTNERSHIP
A 83 Additional limited partners may be admitted upon
filling an amendment to the:
Article A. ORIGINAL CERTIFICATE
1849 B. NEW CERTIFICATE
C. REVISED CERTIFICATE
D. PUBLISHED CERTIFICATE
A 84 These pertains to partners who may do the acts of
administration.
Article A. GENERAL PARTNERS
1850 B. LIMITED PARTNERS
C. CAPITALIST PARTNERS
D. INDUSTRIAL PARTNERS
C 85 This is not considered a right of a limited
partner.
Article A. DEMAND TRUE AND FULL INFORMATION
1851 B. HAVE DISSOLUTION AND WINDING UP BY DECREE OF
COURT
C. RECEIVE RETURN OF ALL PARTNERS’ CONTRIBUTION
D. INSPECT AND COPY THE PARTNERSHIP BOOKS
D 86 It cannot be held liable as a general partner.
A. GENERAL PARTNER WHO IS AN INDUSTRIAL PARTNER
Article B. GENERAL PARTNER WHO IS A CAPITALIST PARTNER
1852 C. LIMITED PARTNER WHO MANAGED THE BUSINESS
D. ERRONEOUS CONTRIBUTOR WHO BELIEVES HE IS A
PARTNER
A 87 The following describes a general-limited partner,
 except:
Article A. HIS LIABILITIES ARE THOSE OF A LIMITED PARTNER
1853 B. HIS LIABILITIES ARE THOSE OF A GENERAL PARTNER
C. HIS RIGHTS ON CONTRIBUTION ARE THOSE OF A
LIMITED PARTNER
D. HE IS LIABLE IN EXTENT OF HIS SEPARATE
PROPERTY
A 88 It is an allowed business transaction of a limited
partner.
Article A. LEND MONEY TO THE PARTNERSHIP
1854 B. TRANSACT PERSONAL BUSINESS THROUGH THE
PARTNERSHIP
C. RECEIVE PRO RATA SHARES OF EQUITY
D. LEND MONEY TO THE ACCOUNT OF OTHER PARTNERS AS
INVESTMENT
A 89 The following are considered preference to some
limited partners, except:
Article A. RETURN OF THEIR CLAIMS IN CREDITORS
1855 B. COMPENSATION BY WAY OF INCOME
C. ANY OTHER MATTER
D. RETURN OF THEIR CONTRIBUTIONS
A 90 The share of profits or compensation by way of
income of a limited partner requires:
Article A. ASSETS ARE IN EXCESS OF ALL LIABILITIES TO
1856 THIRD PERSONS AFTER PAYMENT
B. TOTAL ASSETS COVER THE PROFITS BEFORE PAYMENTS
C. LIABILITIES ARE HIGHER THAN EQUITY
D. PARTNERSHIP PROFIT REACHED THE EXPECTED RATE
C 91 It is when the contributions of a limited partner
be returned.
Article A. ON THE LIQUIDATION OF THE PARTNERSHIP
1857 B. ON THE TERMINATION OF THE PARTNERSHIP
C. ON THE DISSOLUTION OF THE PARTNERSHIP
D. ON THE DATE OF ADJUSTMENTS
A 92 It describes the extent of liability of a limited
partner.
Article A. EXTENT OF HIS CONTRIBUTION
1858 B. EXTENT OF HIS SEPARATE PROPERTY
C. ADDING PRO RATA PAYMENTS
D. ADDING PERSONAL INCOME FOR ADDITIONAL PAYMENTS
C 93 A limited partner’s interest is assignable. This
refers to the person that can be a substituted
Article limited partner when the certificate is
1859 appropriately amended.
A. ASSIGNOR
B. DEBTOR
C. ASSIGNEE
D. CREDITOR
C 94 In this case, partnership can be dissolve.
A. INSANITY OF A LIMITED PARTNER
Article B. DEATH OF A LIMITED PARTNER
 1860 C. INSOLVENCY OF A GENERAL PARTNER
D. RETIREMENT OF A LIMITED PARTNER
A 95 It is liable as a limited partner for all the
liabilities of a deceased partner.
Article A. ESTATE
1861 B. CHILD
C. BANK
D. CREDITOR
A 96 It may charge the interest of the indebted limited
partner with payment of the unsatisfied account of
Article such claim.
1862 A. COURT
B. GOVERNMENT
C. PARTNERSHIP
D. AGENT
C 97 When it comes to giving priority limited partners
are over general partners while profits are given
Article priority over:
1863 A. SALES
B. REVENUE
C. CAPITAL
D. ASSETS
C 98 In this case, the certificate of limited
partnership is cancelled.
Article A. WHEN ALL GENERAL PARTNERS CEASED TO BE GENERAL
1864 PARTNERS
B. WHEN ALL LIMITED PARTNERS CEASED TO BE GENERAL
PARTNERS
C. WHEN PARTNERSHIP IS DISSOLVED
D. WHEN PARTNERSHIP IS LIQUIDATED
C 99 It is to whom the signing of the writing to cancel
a certificate is given.
Article A. COURT
1865 B. OFFICIAL ASSIGNED BY THE COURT
C. ALL MEMBERS OF PARTNERSHIP
D. MAJORITY MEMBERS
C 100 It can be considered as a proper party to
proceedings against or by a partnership.
Article A. CONTRIBUTOR
1866 B. LIMITED PARTNER
C. GENERAL PARTNER
D. THIRD PERSON
C 101 The certificate shall set forth the amount of the
original contribution of each limited partner, and
Article the time when the contribution was:
1867 A. ACCOUNTED
B. ADJUSTED
C. MADE
D. USED