1. Those who cannot be held liable to third persons for partnership obligations.
   1. Limited partner
   2. Capitalist partner
   3. Industrial partner
   4. General partner
2. Those partner in an existing legal partnership.
3. Secret partner
4. Partner by estoppel
5. De facto partner
6. Real partner
7. Those who became members of the partnership after its establishment.
8. Secret partner
9. Partner by estoppel
10. De facto partner
11. Incoming partner

1. A, B, C, and D organized a general partnership with A and B as industrial partners and C and D as capitalist partners. C contributed 1Million pesos and D contributed Php. 500,000.00 to the common fund. A and B were appointed managing partners. J applied as office assistant and K applied as accountant of the partnership. The hiring of J was decided upon by A and B but was opposed by C and D. Whose decision shall prevail?

1. The decision of A and B shall prevail because they are the managers.
2. The decision of C and D shall prevail because they are the capitalist partner.
3. The decision of C and D because they have the controlling interest.
4. The decision of A and B because it is an act of ownership.

1. In the preceding problem, suppose the hiring of K was decided upon by A and D, but was opposed by B and C, whose decision shall prevail?

1. The decision of A and D because A is the managing partner and the hiring is an act of administration.
2. That of A and D because D is also a capitalist partner.
3. The decision of B and C because in case of tie in the decision of the managing partners, that of the controlling interest shall prevail.
4. The decision of A and B because they are the managing partners.

1. Is a person admitted to all the rights of a limited partner who has died or has assigned his interest in a partnership.

1. Very special partner
2. Sub-partner
3. Ostensible partner
4. Substituted limited partner
5. The following are requirements for cancellation, except:
6. It must be signed and sworn to be by only the limited partners.
7. It must be in writing.
8. It must be signed and sworn to by all members.
9. It must be filed for record in the Office of the Securities and Exchange Commission.
10. Spouses H and W formed a limited partnership to engage in a real estate business and H contributed Php. 500,000.00. Is the partnership between the spouses valid?
11. The partnership is not valid because the spouses cannot enter into a limited partnership.
12. The partnership is valid because spouses can enter into a partnership, limited or general, universal or particular.
13. The partnership is valid because spouses are prohibited to enter into a universal partnership only.
14. The partnership is not valid because spouses cannot enter into any kind of partnership for business.

1. There is cancellation of the certificate of limited partnership, except:
2. When the partnership is dissolved.
3. When all limited partners cease to be limited partners.
4. Only I is true
5. Only II is true
6. Both are true
7. Both are false
8. The following are allowable business transactions of a limited partner with the partnership, except:
9. To lend money to the partnership
10. Receive and hold as collateral security and partnership property.
11. To transact business with the partnership.
12. To receive on account of resulting claims against the partnership with general creditors, a pro rata share of the assets.