162.

A limited partner who takes active participation in the management of the partnership shall
become.
a.A managing partner
b.A general partner
c.Liable as a general partner
d.Ostensible partner

204. Three of the following are the rights of a partner,which one is not?
a. associate another person to his share
b. admit another partner
c. inspect and copy partnership book
d. ask dissolution of the firm at the proper time

205. A partnership which comprises all that the partner may acquire by their work on the industry
during existence of the partnership is
a. universal partnership is present property
b.universal partnership of profits
c.particular partnership
d.general partnership

214. Absent any contrary provision in the agreement,under which of the following circumtances will a
limited partnership be dissolved?
a. A limited partner dies and his estate is insolvent
b. a personal creaditor of a general partner obtains a judgement against the general partners interst in
the limited partnership
c. A general partner retires and all the remaining general partners do not content to continue
d. A limited partner assigns his partnership,interest to an outsides and the purchases becomes a
substituted limited partner.

144. Which of the following is true with respect to a limited partner?

a. must not own limited partnership interests in other competing limited partnership.
b. Is automatically an agent for the partnership with apparent authority to bind the limited partnership
in contract
c. has no liability to creditors even if he takes part in the control of the of the business as long as he is
held out as being a limited partner
d. should contribute industry

124. The following are the effects of unlawful partnership except

a. the profits should be confiscated in favor of the government
b.the instrument or tools and proceeds of the crime shall be forfeited in favor of the government
c. the contribution of the partners shall be confiscated I favor of the government
d. the contract is void ab initio and the partnership never existed in the eyes of the the law

116. If a partner assigns his interest in the partnership to his personal creditor or to a third person for
value,the assignee acquires the right to
a. demand an accounting of partnership affairs
b. inspect the books and records of the partnership
c. receive the partner-assignors share of the profits
d.interfere in the management of the partnership

112. A,B and C agreed to form Y partnership.It was orally agreed that A would contribute P20,000,B
P15,000 and C P5,000.It was also orally agreed that in the event the venture proved to be a financial loss
all losses above the amounts of capital contributed be assumed by A.Twith here were no other express
agreement.Under these circumtances,which of the following is correct

a.Profits are to be divided in accordance with the wish of A being the major contributor
b. profits are to be divided equally
c. the partnership is a nullity because the agreement is not contained in a signed writing
d. partnership is valid not withstanding failure to put the agreement in a public instrument

115. A,B and C formed a universal partnership of profits. The partners contributed the following
A- 20 sewing machines
B-14 furniture and fixtures
C-4 storey bldg.
The parties agreed that only the use and fruits of the object contributed shall pertain to the
partnership.Which of the following statement is true?
a. The partnership upon delivery shall be the owner of the objects contributed
b. upon dissolution,the objects shall be convertible into cash and proceeds shall be divided equally
among the partners including the fruits
c. during the term of the partnership,the contributing partner remains to be naked owner of the objects
contributed are to be converted into cash and proceeds shall be divided equally among the three
partners
d.during the term of the partnership,the loss of the objects contributed shall borne by the partners
concerned.