Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Anyone could you please help me with this one? STI BM1905 QUIZ ON LIMITED PARTNERSHIP NAME: SECTION: DATE: SCORE: QUESTIONS: 1. A, B, and C

Anyone could you please help me with this one?

image text in transcribed
STI BM1905 QUIZ ON LIMITED PARTNERSHIP NAME: SECTION: DATE: SCORE: QUESTIONS: 1. A, B, and C are general partners with D as limited partner. The total assets of the partnership amount to P200,000. The partnership owes D P50,000 and E, a third party creditor, P250,000. Can D receive his claim of P50,000? Explain and justify. Answer: 2. After operating for some time as a limited partnership, X & Co., composed of A, B, and C, as general partners, who contributed P30,000 each and D and E, as limited partners, who contributed P20,000 each, has a total assets of P150,000 and the following liabilities: (1) For return of contributions of limited partners (D and E) P40,000 (2) Due to third party credits 50,000 (3) For loan extended by C 25,000 (4) For loan extended by D 35,000 (5) For taxes 15,000 (6) For indemnity to B for damages suffered in consequence of management 5,000 TOTAL P170,000 May E legally demand the return of his contribution, assuming that all the partners have given their consent and are willing to have the certificate amended as to set forth the withdrawal

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

Problems And Materials On Commercial Law

Authors: Douglas J. Whaley, Stephen M. McJohn

12th Edition

1543825907, 978-1543825909

More Books

Students also viewed these Law questions