Part 1 Instruction: Answer the following: What will be the effect if the capitalist partner engages in the same kind of business without a stipulation allowing him to engage in that business? B and C? A and B? A. He shall be excluded from the partnership, with forfeiture of his share in the profits. B. He shall bring to the common fund any profits accruing to him from his transactions. C. He shall personally bear all the loss. N The following are the effects if the industrial partner engages in business for himself without the express permission of the partnership, with the exception of this statement.. The capitalist partners may exclude the industrial partner. The industrial partner is liable for damages. The capitalist partners may avail themselves of the benefits obtained from the business he (industrial partner) engaged in, with a right to damages. All of the above None of the above Explain your answer m Which statement is not correct as to Rules on division of profit and loss if all are capitalist partners? Losses shall be divided according to their agreement. Profits shall be divided according to their proportionate share.For obligations incurred after his admission, he shall become liable like the other partners with their separate properties after the partnership assets have been exhausted. All of the above None of the above 15) The following are the rights of partners, with the exception of. To have formal account of partnership affairs. To have access to and inspect and copy the partnership books at any time. To associate another person with him in his share. All of the above None of the above I1. Discussion 1. What are the Causes of dissolution? 2. What is your understanding about Business Laws and Regulations? 3. What is your own understanding on the words 3.1 Partnership 3.2 Service/s 3.3 Controlling 3.4 Subsidiary 3.5 Pro rataIf only the share In the profits had been agreed, the share of each shall be in the same proportion as the share of each in the profits. In the absence of agreement, share in the profits shall be In proportion to his capital contribution. All of the above None of the above Which statement is not correct as to the Rules on division of profit and loss if aside from capitalist partner, there are/is also an industrial partner? Losses shall be divided according to their agreement. Losses shall be divided according to their proportionate contribution. Industrial partner shall have a share in the profits and shall also share in the losses. All of the above None of the above in In relation to Number 3, there is also a capitalist-industrial partner, which statement is correct? Profits shall be divided according to their proportionate share. In the absence of agreement, the capitalist-industrial partner shall first receive a just and equitable share of the profits in his capacity as a capitalist partner. Losses shall be divided among the partners, including the capitalist-industrial partner in his capacity as a capitalist partner, according to their agreement. A and C B and C 6) What is/are the rule/s when it comes to the kind of business a capitalist partner may engage? The business the capitalist partner is of a kind different from the partnership business. The capitalist partner may engage in a business which is of the same kind of their partnership business provided that the other partners allowed him to do so. All of the above None of the above The following statements are correct, except..All of the above None of the above 11) The following are the obligations of partners with respect to the amount appropriated, with the exception of.. To pay interest on the amount he had converted for his own use from the time of conversion. To pay the damages suffered by the partnership by reason of the conversion. All of the above None of the above 12) The following are the obligations of partners with respect to the contribution of additional capital, with the exception of.. All of the partners must contribute in case of imminent loss of the partnership. To sell his interest to the other partners if he refuses to contribute such additional capital. All of the above None of the above 13) The partners are obliged to render on demand true and full information of all things affecting the partnership to the following persons, except Any partner Legal representative of the deceased partner Legal representative of any partner under legal disabling All of the above None of the above 14) Which statement is not correct? As to the existing obligations at the time of admission, a newly-admitted partner is liable but only to the extent of his contribution. As to the existing obligations at the time of admission, a newly-admitted partner may be held liable up to his separate property, provided that they all agreed.The managing partner may execute all acts of administration. The other partners who are not managing the partnership cannot oppose the acts of the managing partner. If the managing partner acted in bad faith, the other partners may oppose him. All of the above None of the above 8) The rules regarding the right of partners to engage in business are as follows, with the exception of. An industrial partner cannot engage in business for himself. An industrial partner may engage in another business aside from their partnership provided that it is different kind of business. An industrial partner may engage in business for himself provided that the partnership expressly permits him to do. All of the above None of the above 9) The following are the obligations of partners, with the exception of. To answer for eviction in case the partnership is deprived of the generic thing he has contributed to the partnership To be liable for damages in case of default. To deliver to the partnership at the time it was constituted or on the date stipulated the property he has promised to contribute. All of the above None of the above 10) The following are the obligations of partners to contribute money, with the exception of .. To deliver to the partnership at the time it was constituted or on the date stipulated the money he has promised to contribute. To pay interest on the amount he had promised to contribute from the time he should have complied with his obligation. To pay damages suffered by the partnership by reason of default