Question 11

1pts

Without the written consent or ratification of the specific act by all the limited partners, a general partner or all of the general partners have no authority to:

Group of answer choices

ACTION OF Any act that would make it impossible to carry on the ordinary business of the partnership.

Confess a judgment against the partnership.

All answers are correct.

ACTION OF act in contravention of the certificate.

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Question 12

1pts

A partner whose liability for partnership debts is limited to his capital contribution is called:

Group of answer choices

Limited partner

General partner

Secret partner

General-limited partner

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Question 13

1pts

On application by or for partner the court shall decree a dissolution whenever:

I. A partner becomes in any other way incapable of performing his part of the partnership contract.

II. A partner has been guilty of such conduct as it tends to affect prejudicially the carrying on of the business.

III. A partner willfully or persistently commits a breach of the partnership agreement that it is not reasonably practicable to carry on the business in partnership with him.

Group of answer choices

III and IV only

II, and IV only

I, II, and III

I, and III only

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Question 14

1pts

A substituted limited partner is:

Group of answer choices

Answer not given

a person admitted as a partner by the other partners.

An assignee admitted to all the rights of a limited partner.

a buyer of right of the deceased partner.

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Question 15

1pts

In a limited partnership where there are 4 partners:

Group of answer choices

The number of limited partners must be equal to the number of general partner, that is, 2:2.

All the partners must be limited partners.

It is enough that there is one limited partner; the rest may all be general partners.

The number of limited partners must be greater than the number of general partners, that is, 3:1.

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Question 16

1pts

Which of the following is a false statement?

Group of answer choices

If a limited partnership will be created, registration is a condition subsequent for the creation of the limited partnership.

If a limited partnership will be created, registration is a condition precedent for the creation of the limited partnership.

If a limited partnership is not registered, a general partnership is created.

If one of the partners in a general partnership contributed a building to the partnership, there must be a public instrument and an inventory as a requirement, otherwise the partnership is void.

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Question 17

1pts

A partnership is dissolved on the death of a:

I. General partner

II. Industrial partner

III. General-Limited partner

IV. Limited partner

Group of answer choices

I, II, or III only

II, III, or IV only

I, II, III or IV

III or IV only

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Question 18

1pts

In a limited partnership where there are 4 partners:

Group of answer choices

All the partners must be limited partners.

It is enough that there is one limited partner; the rest may all be general partners.

The number of limited partners must be equal to the number of general partner, that is, 2:2.

The number of limited partners must be greater than the number of general partners, that is, 3:1.

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Question 19

1pts

In a limited partnership, the creditor of a limited partner may charge the interest of the indebted limited partner, the interest so charged may be redeemed with:

Group of answer choices

Partnership property

Separate property of any general partner

Both partnership property and separate property of the general partner alternatively

Both partnership property and separate property of the general partner cumulatively

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Question 20

1pts

A, B, C and D were partners. A assigned his interest in the partnership to his son S. S now wanted to join in the management of the enterprise. B, C and D refused. Is the partnership necessarily dissolved?

Group of answer choices

The partnership is not dissolve provided B, C and D will allow S to join the management of the enterprise.

The partnership is dissolved because of the conveyance by A.

The mere assignment did not dissolve the firm. This is so even if B, C and D did not allow S to participate in the firm's business conduct.

The conveyance of interest by A automatically dissolved the partnership.