I. The death of the general partner dissolves the partnership.

II. Partnership has the right of succession.

answer: both are true

When two or more persons bind themselves to contribute money, property, or industry to a
common fund with the intention of dividing profits among themselves, this is called
answer: partnership

DTI Registration is valid for _________ years.

answer: 5

I. A spouse can enter into a limited partnership with the other spouse.
II. A spouse can enter into a universal partnership with the other spouse.
answer: only I is true

A sole proprietorship should be registered with the

answer: DTI

I. A new partner who is admitted to the partnership is liable for the existing or prior obligations of
the partnership but only to the extent of his/her capital contribution.
II. A new partner who is admitted to the partnership is not liable for the existing or prior
obligations of the partnership.
answer: only I is true

The following are the attributes of a corporation, except:

answer: b

I. Stockholders are agents of the corporation in the absence of express authority.

II. There is mutual agency in partnership and each general partner can represent and bind the
partnership.
answer: both are true

When a corporation is used as a shield to perpetuate fraud, to defeat public convenience, justify
wrong or defend a crime, its separate and distinct personality shall be disregarded and the
individuals composing it will be treated identically, this act is called
answer: doctrine of piercing the corporate evil

A corporation that has no nationality is called ______________.

answer: corp sole

Articles of Incorporation is filed before the _____________________.

answer: SEC
When the act of the corporation is not one of those express, implied, or incidental powers, the
act is called
answer: ultra vires

I. Registration with the SEC is necessary for a partnership to acquire juridical personality.
II. Partnership has no separate and distinct personality from the partners.
answer: only II is true

I. Even two persons may form a partnership.

II. Corporations require at least ten incorporators.
answer: only I is true

To be qualified as a Merchant, one must be at least __________ year of age.

answer: 21

I. Partnership agreement must be in writing.

II. The partners can choose who will be part of the partnership agreement, who will be accepted
in the partnership, and whether they will remain as partners.
asnwer: both are false

This corporation is organized in accordance with the requirements of the law.

answer: de jure

I. The President is disqualified to engage in commerce under the Constitution.

II. Judicially declared insolvents are relatively disqualified to engage in commerce.
answer: only II is true

It has no juridical personality and has no legal personality to file or defend an action in court.
answer: sole prop