Professional Documents
Culture Documents
Business Laws and Regulations - Prelim Exam (BAYNA, TRIXIA MAE)
Business Laws and Regulations - Prelim Exam (BAYNA, TRIXIA MAE)
A contributed P500,000, B
contributed land, and C contributed nothing. Is there a partnership? Explain. (5
pts.)
- There is no ABC partnership because the partners must have a mutual
contribution of money, property, or industry to a common fund. C contribute
nothing, therefore there is no partnership.
2. Mr. A contributed his car in the XYZ partnership. He maintains that since it is
his contribution, the car is his. Is Mr. A correct? Explain.(5 pts.)
- Mr. A is wrong. Once a partner contributed something, the thing that was
contributed will be now under the name of the partnership. It will become a
property of the partnership and not on the particular partner even though he’s
the one who contributed it.
Identification:
(1) Capitalist partner, whose contribution is money or property;
(2) Industrial partner, contribution is only his industry;
(3) General partner, whose liability to third persons extends to his separate property;
(4) Limited partner, whose liability to third persons is limited to his capital contribution;
(5) Managing partner, who was designated to manage the affairs or business of the
partnership;
(6) Liquidating partner, who takes charge of the winding up of partnership affairs;
(7) Partner by estoppel, who is not really a partner but is liable as such for the protection
of innocent third persons;
(8) Continuing partner, who continues the business after dissolution of the partnership
by admission of a new partner, or retirement, death or expulsion of existing partners;
(9) Surviving partner, who remains a partner after dissolution by death of any partner;
(10) Subpartner, who is not a member of the partnership but contracts with a partner
with regard to the share of the latter in the partnership;
(11) Ostensible partner, who takes active part in the business of the partnership and is
known by the public;
(12) Secret partner, who takes active part in the business, but is unknown to the third
persons as a partner;
(13) Silent partner, who does not take active part in the business, but may be known to
be a partner by third persons;
(14) Dormant partner, who does not take active part in the business and is not known or
held out as a partner;
(15) Incoming partner, who is about to be taken as a member into an existing
partnership;
(17) Retiring partner, who is withdrawing from the partnership.
Choices:
1. Dormant partner
2. Original partner
3. Incoming partner
4. Retiring partner
5. Subpartner
6. Ostensible partner
7. Secret partner
8. Silent partner
9. Capitalist partner
10. Industrial partner
11. General partner
12. Limited partner
13. Managing partner
14. Liquidating partner
15. Partner by estoppel
16. Continuing partner
17. Surviving partner