Axel, Bert, Charms, Dominic, and Ellen established an accounting rm with the following contributions: Axel P10000000 Bert - P 50,000.00 Charms Ofce Space appraised at P20,000.00 Dominic - P1000!) Ellen - P10,000 Faith - P 10,000 In the absence of agreement, who will manage the partnership? 0 The capitalist partners with the highest controlling interest. 0 All of the partners 0 The capitalist partners with the highest controlling interest will decide who will manage. 0 All of the partners. Capitalist partners with the highest controlling interest to decide in case of a tie. Consider the following statements: Those who, not being members of the partnership, include their names in the rm name, shall be subject to the rights and liabilities of a partner Notice to any partner of any matter relating to partnership affairs operate as notice to or II. knowledge of the partnership, except in the case of fraud on the partnership, committed by or with the consent of that partner. All partners are liable solidarily with the partnership, where the partnership in the course III. of its business receives money or property of a third person and the money or property so received is misapplied by any partner while it is in the custody of the partnership. 0 Statements | and II are True 0 All statements are True 0 All statements are False 0 Only Statements II and III are True Under the law, the following are the remedies against an industrial partner who engage in business for himself, without express permission from the other partners. Which one is not? O He may be liable to damages. O He may be excluded from the partnership O The other partners may exclude him from the firm and avail themselves of the benefits which the industrial partner may have obtained in violation of the prohibition O The other partners may avail themselves of the benefits which the industrial partner may have obtained in violation of the prohibition.Sixto, Jose and Benjamin are partners in SJB & Co. which is engaged in the hardware business. One of its customers, Andres, is indebted to SJB & Co. in the amount of P300,000.00. One day, Andres came to the office of SJB & Co. to pay P100,000.00 as a partial settlement of his debt. Since only Benjamin was present in the office, he received the amount from Andres. The following day, Benjamin asked Sixto and Jose if they are amenable to consider the payment as his share in that particular partnership credit (indebtedness of Andres). Sixto and Benjamin agreed. After two weeks, when SJB & Co. was collecting the remaining P200,000.00, Andres was already insolvent. Sixto insiststed that Bejamin must return the entire amount to the partnership so that he and Jose can share the same at P50,000.00 each. Jose, on the other hand, said that Benjamin should return the P100,000.00 so that the three partners will be able to share at 1/3 each. However, Benjamin argued that he is obliged only to return the interest of the P100,000.00 since he was more diligent than Sixto and Jose. Who among them is correct? O None of them is correct O Jose O Benjamin O SixtoOne of the property rights of a partner is his rights in specific partnership property. With respect to this rights, which of the following statements is true: O Specific partnership property may be a subject of execution to satisfy a judgment in favor of a separate creditor of a partner. O This right allows a partner to use specific partnership property for partnership purposes. O A partner may assign specific partnership property in favor of his separate creditor. O The dependents of a partner may claim support from specific partnership property