6.TRIUMPH Company, a partnership engaged in the buying and selling of car spare parts, has for its partners and their respective contributions the following: Tomas , P10,000.00; Ramon, P20,000.00; Ignacio, P30,000.00; Urbano, P40,000.00; Marcos, P100,000.00; Pablo, P200,000.00; and Hilario, P300,000.00. No one was appointed as manager of the partnership. In the course of the operation of the partnership, Tomas proposed to buy car spare parts from Dominion Motors, but his proposal was opposed by Ramon. A voting among the partners took place and Ignacio, Urbano and Marcos sided with Tomas. While Pablo and Hilario sided with Ramon. Assuming that when the voting took place Marcos abstained. Ignacio and Urbano sided with Tomas, While Pablo and Hilario sided with Ramon.

a. None will prevail because the voting was equal.

b.The group of Ramon, Pablo and Hilario will prevail because they own the controlling interest.

c.None will prevail because the no one was appointed as manager of the partnership.

d.The partners will have to appoint a manager in order to resolve conflict.

____ 7. A, B and C are partners in ABC partnership. A and B contributed P10,000 each while C contributed his service. After payment of the partnership liabilities to creditors, only P15,000 remains. In the absence of stipulation to the contrary the share of C shall be:

a.P5,000 c. P15,000

b.P10,000 d. Zero

____ 8. In an internet cafe partnership, these are the contributions of the partners. A-P2000 in cash,B-P3,000 in check, C - an office building, D - promissory note of P5000 payable to order and his computer skill, E - good will and labor power. Who are the capitalist partners?

a.A & B c. A, B, C, D

b.A, B, & C d. A, B, C, D, & E

____ 9. A, R, A and Y are partners in ARAY Company with each one contributing P300,000 except Y who is an industrial partner. The partners agreed that A shall be exempt from liability to third persons. Three years of continued losses after the formation of the partnership resulted in unpaid liabilities to third persons amounting to P500,000.

Partnership assets have also been reduced to P200,000. From whom may third persons collect the partnership debts?

a.From the partnership assets of P200,000.00; thereafter, form the partners for their separate assets at P 100,000.00 each except A who was exempted from liability.

b.From the partnership assets of P200,000.00; thereafter, from the partners for their separate assets at P100,000.00 each except for Y does not share in the losses.

c.From the partnership assets of P200,000.00; thereafter, from all the partners for their separate assets at P75,000.00 each including A and Y.

d.From the partnership assets of P 200,000.00; thereafter, from R and A only for their separate assets at P150,000.00 since A was exempted from liability by agreement, while Y, being an industrial partner is not liable for losses.

____10. I. A partnership is a separate juridical entity, the shares to be paid out to the partners is necessarily limited only to its total resources.

II.A partnership must refund the shares of the partners, the amount to be refunded is necessarily limited to its total resources.

III.Before the partners can be paid their shares, the creditors of the partnership must first be compensated. After all, the creditors have been paid, whenever is left of the partnership assets becomes available for the payment of the partners shares.

a.

Only I is correct.

c.

All are true.

b.

Only II is correct.

d.

All are false.