Assessment 3
Limited Partnership
Instruction: Each item is equivalent to 3 points. Read the questions carefully. Write
TRUE if the statement is correct and FALSE if the statement is incorrect. Write your
answers on a separate sheet. No erasures allowed.
1.) A partnership begins from the time the partnership contract is registered with the
SEC.
2.) A the general partners may continue the business of a limited partnership with the
partnership property on the death, retirement, civil interdiction or insolvency of
another general partner.
3.) A person maybe a general partner and a limited partner in the same partnership at
the same time.
4.) The retirement, death, insolvency or civil interdiction of a limited partner
dissolves a limited partnership.
5.) The retirement, death, insolvency or civil interdiction of a general partner
dissolves a limited partnership.
6.) A limited partnership is automatically dissolved by the death, insolvency, insanity
or civil interdiction of a partner.
7.) The dissolution of the partnership does not of itself discharge the existing liability
of any partner.
8.) The contribution of a limited partner may be cash or property of a partner
9.) A stipulation which excludes one or more partners from any share in profit or
losses is void
10.)
A limited partner is always a capitalist partner.
11.)
Only general partners shall have at any reasonable hour have access to and
may inspect and copy the books and records of the partnership.
12.)
A concept which state that a partnership has a juridical personality
separate and distinct from each of the partners is called mutual agency.
13.)
When the manner of management has not been agreed upon, all the
general partners shall be considered agents of the partnership.
14.)
When the manner of management has not been agreed upon, all the
partners may manage the partnership including the limited partner.
15.)
The surname of a limited partner shall not appear in the partnerships name
absolutely.
16.)
A capitalist partner is always a limited partner.
17.)
The management of the partnership is exercised by the managing partner
if one was appointed.
18.)
The creditors of each partner shall be preferred to those of the partnership
as regards to the partnership property.
19.)
If a limited partner contributes his services to the capital of the firm, he
shall become liable as a general partner
20.)
If the word “LIMITED” is not added to the firms name, all of the partners,
with respect to the third person shall be considered as general partners.
21.)
A capitalist partner cannot engage in business for himself unless the
partnership expressly permits him to do so.
22.)
The designation of losses and profits may be entrusted to a third person.
23.)
A partner’s right in specific partnership property maybe attached and may
be executed by his personal creditors.
24.)
The designation of losses and profits may be entrusted to one of the
partners.
25.)
An industrial partner cannot engage in any other business absolutely.