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RESA PARTNERSHIP AND CORPORATION EXAM WITH DETAILED QUESTIONS AND 100% VERIFIED ANSWERS
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RESA PARTNERSHIP AND CORPORATION EXAM WITH DETAILED QUESTIONS AND 100% VERIFIED ANSWERS...
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RESA PARTNERSHIP AND CORPORATIONEXAM WITH DETAILED QUESTIONS AND
100% VERIFIED ANSWERS
A. A partnership is created by voluntary agreement of the partners, whereas a
corporation is always created by some express legislative authority either in the
form of a special law or of a general law. - ANSWER What is an essential
difference between a partnership and a corporation?
A. A partnership is created by voluntary agreement of the partners, whereas a
corporation is always created by some express legislative authority either in the
form of a special law or of a general law.
B. Stockholders are usually liable to corporation's creditors not only to the
extent of their contribution but even
with their own private property, whereas the partners, after they have paid for
their contributions, are not
subject to any further liability, unless otherwise provided by law.
C. The third person to whom a stockholder has transferred his interest does not
become a stockholder without the consent of all other stockholders, whereas the
third person to whom a partner has transferred his interest becomes
automatically a partner even without the consent of the other partners.
D. The death or bankruptcy of a stockholder usually causes the dissolution of
the corporation, whereas the death or bankruptcy of a partner does not result in
such dissolution.
C. Both statements are true. - ANSWER First Statement: As a general rule, the
partners are the agents of the partnership; hence, acts of the partners for the
account of the partnership are binding not only on the partnership but also on
the partners.
Second Statement: Whatever acts the stockholders might execute for the
account of the corporation, either individually or collectively, are not binding on
the corporation.
A. Only the first statement is true.
B. Only the second statement is true.
C. Both statements are true.
D. None of the statements is true.
,B. Universal or particular - ANSWER As to object, a partnership may be:
A. General or limited
B. Universal or particular
C. Capitalist or industrial
D. Managing or silent
A. Universal partnership of profits - ANSWER It refers to a partnership which
comprises all that the partners may acquire by their industry or work duringthe
existence of the partnership.
A. Universal partnership of profits
B. Particular partnership of profits
C. Partnership of all present property
D. Partnership of all present profits
A. General - ANSWER It refers to partners who can be held liable for
partnership obligations even to the extent of their privateproperty.
A. General
B. Limited
C. Capitalist
D. Industrial
D. Industrial - ANSWER It refers to partners who contribute only their skill or
industry to the common fund.
A. Capitalist
B. Managing
C. Silent
D. Industrial
D. Managing - ANSWER It refers to partners who manage or administer
partnership affairs.
A. Silent
B. Ostensible
C. Secret
D. Managing
A. Secret - ANSWER It refers to partners whose connection with the
partnership is not known.
, A. Secret
B. Ostensible
C. Managing
D. Silent
A. Partners by estoppel - ANSWER It refers to partners who represent
themselves, or consent to another or others representing them to anyone as
partners either in an existing partnership or in one that is fictitious or apparent.
A. Partners by estoppel
B. Secret
C. Ostensible
D. Managing
C. Both statements are true. - ANSWER First Statement: If the partnership is
general, it may be constituted in any form, except where immovable property or
real rights are contributed to the common fund, in which case a public
instrument, to which is attached an inventory of said property, signed by any of
the partners, shall be necessary for validity.
Second Statement: If the general partnership has a capital of P3,000 or more, it
must appear in a public instrument, which
shall be recorded in the office of the SEC. However, it is not necessary for its
validity.
A. Only the first statement is true.
B. Only the second statement is true.
C. Both statements are true.
D. None of the statements is true.
C. Both statements are true. - ANSWER First Statement: If the partnership is
limited, it is required that the contracting parties, in addition to the
formalities prescribed for the organization of a general partnership, shall
execute a certificate of limited partnership which must be recorded in the office
of the SEC.
Second Statement: The formalities for a limited partnership must be complied
with, otherwise, thepartnership is not limited but general.
A. Only the first statement is true.
B. Only the second statement is true.
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