Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.A, B, and C own a common apartment house which they lease to third persons for agreed monthly rentals. From the monthly proceeds of the

1.A, B, and C own a common apartment house which they lease to third persons for agreed monthly rentals. From the monthly proceeds of the rentals, A, B and C divide the same equally. Under the circumstances, would you consider A, B and C as partners? Reason. 2.A, B, and C are partners in a duly organized partnership engaged in the buying and selling of general merchandise. In due course of business, partner A sold to X, a customer merchandise being sold by the partnership. State whether it is necessary for A to secure the consent of B and C. Reason. 3.A, B, C and D are partners in a partnership having a capital of P400,000. A, B and C are general partners while D is an industrial partner. The exact contributions of the partners are not known and did not agree as to the sharing of profits and losses. Under the set of facts given, how would the partners share in the profits and losses? How about D, the industrial partner? Reason

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Environmental Law Text Cases And Materials

Authors: Elizabeth Fisher, Bettina Lange, Eloise Scotford

2nd Edition

0198811071, 978-0198811077

More Books

Students also viewed these Law questions