TRUE OR FALSE

1. The sharing of gross returns does not itself establish a partnership, except when the persons sharing them have a joint or common right or interest in any property from which the returns are derived.*
2. Persons who are prohibited from giving each other any donation or advantage cannot enter into universal partnership.*
3. A limited partner's surname may appear in the partnership name.*
4. Limited partners have absolute right to participate in the management.*
5. A partnership must have lawful object or purpose, and must be established for the common benefit or interest of the partners.*
6. Winding up is the change in the relation of the partners caused by any partner ceasing to be associated in the carrying on.*
7. The partner who has been appointed manager in the articles of partnership may execute all acts of ownership.*
8. A partnership begins from the moment of meetings of the minds.*
9. Immovable property to be acquired must be in the name of the partnership but if conveyed, it is not necessary that it be in the partnership name.*
10. A person who is a general may also at the same time a limited partner.*
11. A limited partner shall not become liable as a general partner even, in addition to the exercise of his rights and powers as a limited partner, he takes part in the control of the business.*
12. After dissolution and all partnership assets are not enough, all partners must contribute to satisfy the liabilities.*
13. A limited partner may contribute cash, property or industry.*
14. The creditors of the partnership shall be preferred to those of each partner as regards the partnership property.*
15. An inventory is still required if aside from real property, personal property is contributed.*

COUNTRY: PHILIPPINES