5. What is the effect if there is NO substantial compliance with the registration of certificate of limited co- partnership with the SEC? a. The partnership contract is null and void. b. The limited partnership exists. C. The partnership will be considered a general partnership. d. The partnership will be considered a universal partnership. Answer: Where there are several limited partners the members may agree that one or more of the limited partners shall have a priority over other limited partners as to the return of their contributions, as to their compensation by way of income, or as to any other matter. What is the formality required by law for this agreement to be binding among the partners? a. It shall be stated in the certificate of limited co-partnership. b. The agreement must be notarized. C. The agreement must be in writing. d. The agreement must be registered in the Registry of Property. Answer 7. When may a limited partner be liable pro-rata and subsidiarily like a general partner to the partnership creditors? a. If he allows his name to be included in the partnership name contrary to allowed instances of law b. If he takes part in the control or management of the business C. Either A or B d. Neither A nor B 04 Quiz 1 "Property of STI Page 2 of OSTI BM1905 Answer: 8. A limited partner shall have the following rights enjoyed by a general partner, EXCEPT a. Have the partnership books kept at the principal place of business of the partnership, and at a reasonable hour to inspect and copy any of them. b. Have on demand true and full information of all things affecting the partnership, and a formal account of partnership affairs whenever circumstances render it just and reasonable. C. Have dissolution and winding up by decree of court. d. Have the power to participate in the control and management of the partnership business