Question 28

1pts

As a rule, even if a limited partner has contributed property, he has the right to demand and receive cash in return.

Group of answer choices

True

False

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Question 29

1pts

Where the managing partners of the partnership has the necessary authority to liquidate its affairs under its article of co-partnership, he may sell the partnership properties even after the life of the partnership has already expired since he as manager, is empowered to wind up the business affairs of the partnership.

Group of answer choices

True

False

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Question 30

1pts

If the proposed limited partnership has not conformed substantially with the requirements of this article, as when the name of not one of the general partners appear in the fi m name, it is not considered a limited partnership but a general partnership.

Group of answer choices

True

False

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Question 31

1pts

Participation in the control of the business makes the limited partner liable as a general partner without however getting the rights of a general partner.

Group of answer choices

True

False

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Question 32

1pts

Even after a limited partnership has already been formed, the firm may still admit new limited partners, provided there is a proper amendment to the certificate.

Group of answer choices

True

False

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Question 33

1pts

A limited cannot bind the partnership by a contract.

Group of answer choices

True

False

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Question 34

1pts

A person may be a general and a limited partner at the same time, provided same is stated in the certificate.

Group of answer choices

True

False

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Question 35

1pts

When the partnership is dissolved, or when all the limited partners cease to be limited partners, the certificate shall be cancelled, not merely amended.

Group of answer choices

True

False