A, B, and C organized a general partnership, with the following contributions: A: Php2,000.00; B: Php4,000.00; C: management expertise. There was no agreement on the division of but there was a stipulation that C shall not be liable for losses. After some years of business operations, the assets of the partnership dwindled to Php3,000.00; so the partners agreed to stop their business. The partnership is indebted to X for a loan of Php12,000.00. Can C be held personally liable for the balance after X takes the remaining partnership assets of Php3,000.00?

a.No, because the industrial partner is always excluded from any participation in losses

b.No, because the stipulation allowing C to be exempt from losses is copied from the law which already exempts industrial partners from losses

c.Yes, because he is only exempt from losses, not liabilities

d.Yes, because C is not an industrial partner