Generally, in the pursuit of a partnership business, its capital is either increased by its profits earned or decreased by losses sustained. II. As a general rule, upon the dissolution of a commercial partnership the succeeding partners or parties have the right to carry on the business under the old name.

a. Only I is true.

b. Only II is true

c. Both are true

d. Both are false

I. The dissolution of the partnership discharges the existing liability of any partner. II. The individual property of a deceased partner shall be liable for all obligations of the partnership incurred while he was a partner, but subject to the prior payment of his separate debts.

a. Only I is correct.

b. Only II is correct.

c. Both are true.

d. Both are false.

I. As a rule, when a partnership is dissolved, any of the partners can bind the partnership. II. Where the dissolution is caused by the act, death or insolvency of a partner, each partner is liable to his co-partners for his share of any liability created by any partner acting for the partnership as if the partnership had not been dissolved.

a. Only I is correct.

b. Only II is correct.

c. Both are true.

d. Both are false.

There is cancellation of the certificate of limited partnership, except: I. When the partnership is dissolved. II. When all limited partners cease to be limited partners.

a. Only I is true.

b. Only II is true.

c. Both are true.

d. Both false.

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, whatever is left of the partnership assets become available for the payment of the partners shares.

a. Only I is correct

b. Only II is correct

c. All are true

d. All are false