TRUE OR FALSE

Partners Consideren Fur I 667 work or services that may her personalment efforts or intelectual may also 5. Agroprietorship has alted whereas a partnership may have an unlimited life NAME SECTION: t. PROFESSOR contributed to partnership 2 Owl is easy transferred in a partnership Apartnership Cannot be established for religious purposes Apartners must always have at least two owners. Not all of the partners in general partnership are personally liable for all debits curred by the partnership 1. Adormant partner is one who does not take active part in the partnership basis ind is not known as a partner Accounting for a partnership comes closer to accounting for sole proprietorship than to accounting for a corporation Partners drawing accounts have normal credit balances 10 The manner in which profits are to be shared should be specified in the artides of artnership 1. Agartnership should always be constituted in writing 12 A public instrument needs to be caecuted when immovable property or real rights are contributed to the partnership 11 Mutual agency means that each partner has the right to bind the partnership to As long as the action is within the scope of the partnership, any partner can bind the Dartnership 15. When the partnership capital is 13.000 or more, the public instrument must be recorded with the Securities and Exchange Commission 18 Apartnership with a capital of less than 3,000 is valid even if it is unregistered with the Securities and Exchange Commission 13 Two or more persons may forma partnership for the exercise of a profession 20 Apartnership involves mutual ency unlimited liability for general partner 468 www Anunting and deporting 2001 by Pal Wild 18. There can never be a partnership without contribution of money. Dromery industry to a common rund 19. Bankruptcy at a partner will solve the partnership limited life 21 Apartnership and a corporation cannot forma partnership 22. A deju partnership is one which has complied with at the Ingal requirements for its establishment 21 in a limited partnership, the general partner's liability is limited to his investment 24. The limited partners are liable only to the extent of their personal contributions. 25. One of the partners in a proposed partnership is a multi-millionaire. The stipulation in the articles of partnership that this partner shall be excluded from sharing in the profits of the partnership is valid, 26. Under the partnership form of business, large amounts of capital can be raser easily 27. All partners in a general partnership are personally liable for all debts incurred by the partnership 28. An advantage of the partnership form of business is that each partner's potential loss is limited to that partner's Investment in the partnership. 29. A partnership is a legal entity separate and apart from its owners. 30. A limited partnership normally has one or more general partners whose liability unlimited 31. The basis of valuation for non-cash investments should be fair market value 32 When a partner invests assets in a partnership, the assets are recorded at the partner's value 33 Labilities related to assets invested in a partnership by a new partner cannot be transferred to the partnership 34 Apartner who invests assets into a partnership retains control over those specie