BUS LAW II

1.The articles of partnership of ABC co have no provision on the designation of the managing partner. Who will be the managing partner of the partnership?

2.The articles of partnership have no provision on the sharing pf the profits and losses of the partnership. What will govern the sharing of the profits and losses between or among the partners?

3.When there is misappropriation of the property received by the partnership in the course of its business, what is the liability of the partners, partnership and the partner guilty of misappropriation?

4.When an industrial partner engages in any business during the partnership, what is the available recourse of the other partners in the partnership?

5.How managing partners are designated? Differentiate the two ways in which managing partners may be designated?

6.If only the sharing of the profits was designated in the articles of partnership, what will govern the sharing of the losses between or among partners?

7.A sold to B, one of the managing partners of Partnership X, the other being C, a certain number of mining claims without the consent of C. In an action by A to recover unpaid balanceof the purchase priceagainst Partnership X, C claims that the contract is not bindingupon the partnership for the reason that under the articles of partnership, there is stipulation that one of the partnerscannot bind the firm by a written contractwithout the consent of the others?

Is the transaction made by B binding upon the partnership?

8.A, B, and C are the original partners of the partnership X with contributions of P10,000.00 each. X partnership owes D P40,000.00. Later on, E entered the partnershipand contributed P4,000.00 How shall the debt be paid?

9.A, B, and C are partners with the following capital contributions, P30,000.000. P20,000.00 and P10,000.00 respectively, where C is a capitalist-industrial partner. For one year of their operations, their partnership had earned net profits of P17,000. How shall these profitsbe dividedamong the partners if there was no agreement in the articles of partnership?

10.T hired X law, a law firm, to represent Y Company, T's company, in labor negotiation and to advise it on labor matters. P, a senior partner of X Law, was responsible for advising Y Company. T gave money to invest in the common stock of another company. Pmisappropriated the money. Is X responsible for the loss?