Quiz Dissolution
Quiz Dissolution
Quiz Dissolution
5. Who are the persons authorized to wind e. The partnership debts are paid
up partnership? out of the common fund and
the individual properties of the
a. partners designated by the general partners
agreement
b. in the absence of such agreement,
all partners who have not 2. Distinguish General and Limited
wrongfully dissolved the partnership.
partnership
c. legal representative of last Limited partners liability extends
surviving partner not insolvent only to his capital contribution,
while a General
partner is personally liable for
6. what is the rank of order of payment in partnership obligations.
the liabilities of the partnership?
As a general rule, name of a
(a) Those owing to creditors other limited partner must not appear in
than partners, the firm name, while the Name of
(b) Those owing to partners other a general partner may appear in
than for capital and profits, the firm name.
(c) Those owing to partners in
respect of capital, Limited partner must contribute
(d) Those owing to partners in cash or property to the
respect of profits. partnership but not
Services, while General partner
may contribute money, property or
industry to the partnership.
No. A strict compliance with the 7. What are the rights of limited
legal requirements is not partners?
necessary. It is sufficient that
there is substantial compliance in a. To have the partnership books
good faith. If there is no kept at the principal place of
substantial compliance, the business of the partnership
partnership becomes a general b. To inspect, at a reasonable
partnership as far as hour, partnership books and
third persons are concerned, in copy any of them
which all the members are liable c. To demand true and full
as general information of the things
partners. affecting the partnership
d. To demand a formal account of
5. Explain the liability in case of false the partnership affairs
statement in certificate. whenever circumstances
render it just and reasonable
Any partner to the certificate e. To ask for dissolution and
containing a false statement is winding up by decree of court
liable to one who suffers loss by
reliance on such certificate
provided the following requisites 8. What are the restrictions/prohibitions
are present: to a limited partner?