Business Law and Regulations Lecture Notes Part 2 PDF

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CHAPTER 1TRUE An oral contract of partnership is as good as a written one The right to choose with whom a person wishes to associate himself is the very foundation and essence of that partnership An unjustified dissolution by a partner can subject him to action for damages A partnership must have a ...

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CHAPTER 1 TRUE 1. An oral contract of partnership is as good 2. as a written one 3. The right to choose with whom a person wishes to associate himself is the very foundation and essence of that partnership 4. An unjustified dissolution by a partner can subject him to action for damages 5. A partnership must have a lawful object or purpose, and must be established for the common benefit or interest of the partners 6. A partnership may be constituted in any form 7. An inventory is still required if aside from real property, personal property is contributed 8. Persons who are prohibited from giving each other any donation or advantage cannot enter into universal partnership 9. Co-ownership or co-possession does not in itself establish a partnership, except when such co-owners or co-possession share in the profits made by the use of the property 10. 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. 11. If a person receives a share in the profits of a business, he is a prima facie presumed to be a partner in business. 12. In partnership, there is co-ownership and co-possession of partnership property. FALSE 1. When an unlawful partnership is dissolved by a judicial decree, the profits shall not be confiscated in favor of the State. 2. Where an immovable property is contributed in a partnership a private instrument shall be necessary 3. A partnership may be constituted in any form, save when immovable proper tot real rights are contributed thereto or when the partnership has a capital of below P3,000, in which case a public instrument shall be necessary 4. Associations and societies, whose articles are kept secret among the members, and wherein any one of the members may contract in his own name with third persons, shall also have juridical personality. 5. Immovable property to be acquired must be in the name of the partnership but of conveyed, it is not necessary that it be in the partnership name 6. Articles of universal partnership, entered into without specification of its nature, only constitute a universal partnership of all present property. 7. Partnership with a capital of P3,000 or more must register with the SEC. registration requirements is mandatory 8. The receipt by a person of a share of the profits of a business is conclusive evidence that he is a partner in the business. 9. A general partner is liable only to the extent of his contribution while a limited partner is liable beyond his contribution.

CHAPTER 2

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