Partnerships: Basic Considerations and Formation 1

97問 • 1年前

Sab Sescon

通報

問題一覧

In _____, Hammurabi, King of Babylon, provided for the regulation of partnerships.

2200 BC

In 2200 BC, _____, King of Babylon, provided for the regulation of partnerships.

Hammurabi

In 2200 BC, Hammurabi, ______, provided for the regulation of partnerships.

King of Babylon

In 2200 BC, Hammurabi, King of Babylon, provided for the regulation of ______.

partnerships

In ancient Rome, the partnership was called a ______.

societa

The partnership law in the UNITED STATES evolved from the ENGLISH law, the _______.

PARTNERSHIP ACT OF 1890

In the US, the ____ was approved in 1914 and the _____ in 1916.

UNIFORM PARTNERSHIP ACT UNIFORM LIMITED PARTNERSHIP ACT

In the US, the UNIFORM PARTNERSHIP ACT was approved in _____ and the UNIFORM LIMITED PARTNERSHIP ACT in ____.

1914 1916

In the PHILIPPINES, before the effectivity of the new Civil Code on August 30, 1950, there are two types of partnerships: _____.

COMMERCIAL and CIVIL

In the PHILIPPINES, before the effectivity of the new Civil Code on _____, there are two types of partnerships: COMMERCIAL and CIVIL.

August 30, 1950

_____ or MERCANTILE partnerships were governed by the Code Of Commerce.

COMMERCIAL

COMMERCIAL or _____ partnerships were governed by the Code Of Commerce.

MERCANTILE

COMMERCIAL or MERCANTILE partnerships were governed by the _____.

Code Of Commerce

The ______ governed the CIVIL or NON-COMMERCIAL partnerships.

Old Civil Code

The Old Civil Code governed the _____ or NON-COMMERCIAL partnerships.

CIVIL

The Old Civil Code governed the CIVIL or _____ partnerships.

NON-COMMERCIAL

The ______ repealed the provisions of the two codes relating to MERCANTILE and CIVIL partnerships.

New Civil Code

In a contract of _____, two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profit among themselves.

partnership

In a contract of PARTNERSHIP, _____ persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profit among themselves.

two or more persons

An association of two or more persons to carry on, as co-owners, a business for profit.

partnership

Has a juridical personality separate and distinct from that of each of the partners.

partnership

Resemble sole proprietorships, except that there are two or more owners of the business.

partnership

Each owner in a partnership is called a _____.

partner

Are often formed to bring together various talents and knowledge.

partnership

Provide a means of obtaining more equity capital than a single individual can obtain and allow the sharing of risks for rapidly growing businesses.

partnership

It is an occupation that involves a higher education or its equivalent, and mental rather than manual labor.

profession

The exercise of a profession is not a business or an enterprise for profit but the law allows two or more persons to act as _____ in the practice of their profession.

partners

Are generally associated with the practice of law, public accounting, medicine and other professions.

partnership

Partnerships with the nature of the practice of law, public accounting, medicine and other professions are called ________.

general professional partnerships

In a contract of partnership, two or more persons bind themselves to contribute money, property, for industry to a common fund, with the intention of dividing the profit among themselves. Two or more persons may also form a partnership for the exercise of a profession. (_____)

Civil Code of the Philippines, Article 1767

An association of two or more persons to carry on, as co-owners, a business for profit. (____)

Uniform Partnership Act, Section 6

The partnership has a juridical personality separate and distinct from that of each of the partners. (____)

Civil Code of the Philippines, Article 1768

There cannot be a partnership without contribution of money, property or industry (i.e. work or services which may either be personal manual efforts or intellectual) to a common fund.

mutual contribution

The essence of partnership is that each partner must share in the profits or losses of the venture.

division of profits or losses

All assets contributed into the partnership our owned by the partnership by virtue of its separate and distinct juridical personality.

co-ownership of contributed assets

If one partner contributes an asset to the business, all partners jointly own it in a special sense.

co-ownership of contributed assets

Any partner can bind the other partners to a contract if he is acting within his express or implied authority.

mutual agency

It may be dissolved by the admission, death, insolvency, incapacity, withdrawal of a partner or expiration of the term specified in the partnership agreement.

limited life

All partners (exact limited partners), including industrial partners, are personally liable for all debts incurred by the partnership.

unlimited liability

If the partnership cannot settle its obligations, creditors' claims will be satisfied from the personal assets of the partners without prejudice to the rights of the separate creditors of the partners.

unlimited liability

Partnerships, except general professional partnerships, are subject to tax at the rate of 30% (per ______) of taxable income.

R.A. No. 9337

Partnerships, except general professional partnerships, are subject to tax at the rate of 30% (per R.A. No. 9337) of taxable income.

income taxes

Accounting for partnerships are much like accounting for sole proprietorships. The difference lies in the number of partners' equity accounts.

partners' equity accounts

Each partner has a capital account and the withdrawal account that serves similar functions as the related accounts for sole proprietorships.

partners' equity accounts

Brings greater financial capability to the business.

advantages of partnership versus proprietorships

Combines special skills, expertise and experience of the partners.

advantages of partnerships versus sole proprietorship

Offers relative freedom and flexibility of action in decision making.

advantages of partnership versus proprietorships

Easier and less expensive to organize.

advantages of partnerships versus corporations

More personal and informal.

advantages of partnerships versus corporations

Easily dissolved and thus unstable compared to a corporation.

disadvantages of partnerships

Mutual agency and unlimited liability may create personal obligations to partners.

disadvantages of partnerships

Less effective than a corporation in raising large amounts of capital.

disadvantages of partnerships

A partnership is created by near agreement of the partners, while a corporation is created by operation of law.

manner of creation

A partnership is created by mere ________, while a corporation is created by _______.

agreement of the partners operation of law

Two or more persons may form a partnership; in a corporation, at least 5 persons, not exceeding 15.

number of persons

Two or more persons may form a partnership; in a corporation, at least ____ persons, not exceeding ____.

5 15

In a partnership, juridical personality commences from the execution of the articles of partnerships; in a corporation, from the issuance of certificate of incorporation by the Securities and Exchange Commission.

commencement of juridical personality

In a partnership, every partner is an agent of the partnership if the partners did not appoint a managing partner; in a corporation, management is vested on the ______.

Board Of Directors

In a partnership, every partner is an agent of the partnership if the partners did not appoint a _______; in a corporation, management is vested on the Board Of Directors.

managing partner

In a partnership, each of the partners except a limited partner is liable to the extent of his personal assets; in a corporation, stockholders are liable only to the extent of their interest or investment in the corporation.

extent of liability

In a partnership, there is no right of succession; in a corporation, there is right of succession.

right of succession

A corporation has the capacity of continued existence regardless of the death, withdrawal, insolvency or incapacity of its directors or stockholders, which is different from partnership.

right of succession

In a partnership, for any period of time stipulated by the partners; in a corporation, not to exceed 50 years but subject to extension.

terms of existence

Classifications of partnerships according to object:

universal partnership of all present property universal partnership of profits particular partnership

All contributions become part of the partnership fund.

universal partnership of all present property

All that the partners may acquire by their industry or work during the existence of the partnership and the use of whatever the partners contributed at the time of the institution of the contract belong to the partnership.

universal partnership of profits

The object of the partnership is determinate—it's use or fruit, specific undertaking, or the exercise of a profession or vocation.

particular partnership

Classifications of partnership according to liability:

general limited

All partners are liable to the extent of their separate properties.

general

The limited partners are liable only to the extent of their personal contributions.

limited

In a limited partnership, the law states that there shall be AT LEAST ONE _____.

general partner

Classifications of partnership according to duration:

partnership with fixed term partnership at will

Partnership with a fixed term or for a particular undertaking.

partnership with a fixed term according to duration

One in which no term is specified and is not formed for any particular undertaking.

partnership at will

Classifications of partnership according to purpose:

commercial or trading partnership professional or non-threading partnership

One formed for the transaction of business.

commercial or trading partnership

One formed for the exercise of profession.

professional or non-trading partnership

Classifications of partnership according to legality of existence:

De jure partnership de facto partnership

One which has complied with all the legal requirements for its establishment.

De jure partnership

One which has failed to comply with all the legal requirements for its establishment.

de facto partnership

Kinds of partners

general partner limited partner capitalist partner industrial partner managing partner liquidating partner dormant partner silent partner secret partner nominal partner or partner by estoppel

One who is liable to the extent of his separate property after all the assets of the partnership are exhausted.

general partner

One who is liable only to the extent of his capital contribution. He is not allowed to contribute industry or services only.

limited partner

One who contributes money or property to the common fund of the partnership.

capitalist partner

One who contributes his knowledge or personal service to the partnership.

industrial partner

One whom the partners has appointed as manager of the partnership.

managing partner

One who is designated to wind up or settle the affairs of the partnership after dissolution.

liquidating partner

One who does not take active part in the business of the partnership and is not known as a partner.

dormant partner

One who does not take active part in the business of the partnership though may be known as a partner.

silent partner

One who takes active part in the business but is not known to be a partner by outside parties.

secret partner

One who is actually not a partner what represents himself as one.

nominal partner or partner by estoppel

A partnership may be constituted ____ or ____.

orally or in writing

In writing, partnership agreements are embodied in the ____.

articles of partnership

It is void whenever immovable property or real rights are contributed and a signed inventory of the said property is not made and attached to a public instrument.

contract of partnerships

When the partnership capital is _____ pesos or more, in money or property, the public instrument must be recorded with the Securities and Exchange Commission (Sec).

3,000

When the partnership capital is 3,000 pesos or more, in money or property, the public instrument must be recorded with the ______.

Securities and Exchange Commission (Sec)

The SEC shall not register any corporation organized for the practice of public accountancy (______)

The Philippine Accountancy Act of 2004, sec. 28

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問題一覧

In _____, Hammurabi, King of Babylon, provided for the regulation of partnerships.

2200 BC

In 2200 BC, _____, King of Babylon, provided for the regulation of partnerships.

Hammurabi

In 2200 BC, Hammurabi, ______, provided for the regulation of partnerships.

King of Babylon

In 2200 BC, Hammurabi, King of Babylon, provided for the regulation of ______.

partnerships

In ancient Rome, the partnership was called a ______.

societa

The partnership law in the UNITED STATES evolved from the ENGLISH law, the _______.

PARTNERSHIP ACT OF 1890

In the US, the ____ was approved in 1914 and the _____ in 1916.

UNIFORM PARTNERSHIP ACT UNIFORM LIMITED PARTNERSHIP ACT

In the US, the UNIFORM PARTNERSHIP ACT was approved in _____ and the UNIFORM LIMITED PARTNERSHIP ACT in ____.

1914 1916

In the PHILIPPINES, before the effectivity of the new Civil Code on August 30, 1950, there are two types of partnerships: _____.

COMMERCIAL and CIVIL

In the PHILIPPINES, before the effectivity of the new Civil Code on _____, there are two types of partnerships: COMMERCIAL and CIVIL.

August 30, 1950

_____ or MERCANTILE partnerships were governed by the Code Of Commerce.

COMMERCIAL

COMMERCIAL or _____ partnerships were governed by the Code Of Commerce.

MERCANTILE

COMMERCIAL or MERCANTILE partnerships were governed by the _____.

Code Of Commerce

The ______ governed the CIVIL or NON-COMMERCIAL partnerships.

Old Civil Code

The Old Civil Code governed the _____ or NON-COMMERCIAL partnerships.

CIVIL

The Old Civil Code governed the CIVIL or _____ partnerships.

NON-COMMERCIAL

The ______ repealed the provisions of the two codes relating to MERCANTILE and CIVIL partnerships.

New Civil Code

In a contract of _____, two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profit among themselves.

partnership

In a contract of PARTNERSHIP, _____ persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profit among themselves.

two or more persons

An association of two or more persons to carry on, as co-owners, a business for profit.

partnership

Has a juridical personality separate and distinct from that of each of the partners.

partnership

Resemble sole proprietorships, except that there are two or more owners of the business.

partnership

Each owner in a partnership is called a _____.

partner

Are often formed to bring together various talents and knowledge.

partnership

Provide a means of obtaining more equity capital than a single individual can obtain and allow the sharing of risks for rapidly growing businesses.

partnership

It is an occupation that involves a higher education or its equivalent, and mental rather than manual labor.

profession

The exercise of a profession is not a business or an enterprise for profit but the law allows two or more persons to act as _____ in the practice of their profession.

partners

Are generally associated with the practice of law, public accounting, medicine and other professions.

partnership

Partnerships with the nature of the practice of law, public accounting, medicine and other professions are called ________.

general professional partnerships

Civil Code of the Philippines, Article 1767

An association of two or more persons to carry on, as co-owners, a business for profit. (____)

Uniform Partnership Act, Section 6

The partnership has a juridical personality separate and distinct from that of each of the partners. (____)

Civil Code of the Philippines, Article 1768

There cannot be a partnership without contribution of money, property or industry (i.e. work or services which may either be personal manual efforts or intellectual) to a common fund.

mutual contribution

The essence of partnership is that each partner must share in the profits or losses of the venture.

division of profits or losses

All assets contributed into the partnership our owned by the partnership by virtue of its separate and distinct juridical personality.

co-ownership of contributed assets

If one partner contributes an asset to the business, all partners jointly own it in a special sense.

co-ownership of contributed assets

Any partner can bind the other partners to a contract if he is acting within his express or implied authority.

mutual agency

It may be dissolved by the admission, death, insolvency, incapacity, withdrawal of a partner or expiration of the term specified in the partnership agreement.

limited life

All partners (exact limited partners), including industrial partners, are personally liable for all debts incurred by the partnership.

unlimited liability

Partnerships, except general professional partnerships, are subject to tax at the rate of 30% (per ______) of taxable income.

R.A. No. 9337

Partnerships, except general professional partnerships, are subject to tax at the rate of 30% (per R.A. No. 9337) of taxable income.

income taxes

Accounting for partnerships are much like accounting for sole proprietorships. The difference lies in the number of partners' equity accounts.

partners' equity accounts

Each partner has a capital account and the withdrawal account that serves similar functions as the related accounts for sole proprietorships.

partners' equity accounts

Brings greater financial capability to the business.

advantages of partnership versus proprietorships

Combines special skills, expertise and experience of the partners.

advantages of partnerships versus sole proprietorship

Offers relative freedom and flexibility of action in decision making.

advantages of partnership versus proprietorships

Easier and less expensive to organize.

advantages of partnerships versus corporations

More personal and informal.

advantages of partnerships versus corporations

Easily dissolved and thus unstable compared to a corporation.

disadvantages of partnerships

Mutual agency and unlimited liability may create personal obligations to partners.

disadvantages of partnerships

Less effective than a corporation in raising large amounts of capital.

disadvantages of partnerships

A partnership is created by near agreement of the partners, while a corporation is created by operation of law.

manner of creation

A partnership is created by mere ________, while a corporation is created by _______.

agreement of the partners operation of law

Two or more persons may form a partnership; in a corporation, at least 5 persons, not exceeding 15.

number of persons

Two or more persons may form a partnership; in a corporation, at least ____ persons, not exceeding ____.

5 15

commencement of juridical personality

In a partnership, every partner is an agent of the partnership if the partners did not appoint a managing partner; in a corporation, management is vested on the ______.

Board Of Directors

In a partnership, every partner is an agent of the partnership if the partners did not appoint a _______; in a corporation, management is vested on the Board Of Directors.

managing partner

extent of liability

In a partnership, there is no right of succession; in a corporation, there is right of succession.

right of succession

A corporation has the capacity of continued existence regardless of the death, withdrawal, insolvency or incapacity of its directors or stockholders, which is different from partnership.

right of succession

In a partnership, for any period of time stipulated by the partners; in a corporation, not to exceed 50 years but subject to extension.

terms of existence

Classifications of partnerships according to object:

universal partnership of all present property universal partnership of profits particular partnership

All contributions become part of the partnership fund.

universal partnership of all present property

universal partnership of profits

The object of the partnership is determinate—it's use or fruit, specific undertaking, or the exercise of a profession or vocation.

particular partnership

Classifications of partnership according to liability:

general limited

All partners are liable to the extent of their separate properties.

general

The limited partners are liable only to the extent of their personal contributions.

limited

In a limited partnership, the law states that there shall be AT LEAST ONE _____.

general partner

Classifications of partnership according to duration:

partnership with fixed term partnership at will

Partnership with a fixed term or for a particular undertaking.

partnership with a fixed term according to duration

One in which no term is specified and is not formed for any particular undertaking.

partnership at will

Classifications of partnership according to purpose:

commercial or trading partnership professional or non-threading partnership

One formed for the transaction of business.

commercial or trading partnership

One formed for the exercise of profession.

professional or non-trading partnership

Classifications of partnership according to legality of existence:

De jure partnership de facto partnership

One which has complied with all the legal requirements for its establishment.

De jure partnership

One which has failed to comply with all the legal requirements for its establishment.

de facto partnership

Kinds of partners

general partner limited partner capitalist partner industrial partner managing partner liquidating partner dormant partner silent partner secret partner nominal partner or partner by estoppel

One who is liable to the extent of his separate property after all the assets of the partnership are exhausted.

general partner

One who is liable only to the extent of his capital contribution. He is not allowed to contribute industry or services only.

limited partner

One who contributes money or property to the common fund of the partnership.

capitalist partner

One who contributes his knowledge or personal service to the partnership.

industrial partner

One whom the partners has appointed as manager of the partnership.

managing partner

One who is designated to wind up or settle the affairs of the partnership after dissolution.

liquidating partner

One who does not take active part in the business of the partnership and is not known as a partner.

dormant partner

One who does not take active part in the business of the partnership though may be known as a partner.

silent partner

One who takes active part in the business but is not known to be a partner by outside parties.

secret partner

One who is actually not a partner what represents himself as one.

nominal partner or partner by estoppel

A partnership may be constituted ____ or ____.

orally or in writing

In writing, partnership agreements are embodied in the ____.

articles of partnership

It is void whenever immovable property or real rights are contributed and a signed inventory of the said property is not made and attached to a public instrument.

contract of partnerships

When the partnership capital is _____ pesos or more, in money or property, the public instrument must be recorded with the Securities and Exchange Commission (Sec).

3,000

When the partnership capital is 3,000 pesos or more, in money or property, the public instrument must be recorded with the ______.

Securities and Exchange Commission (Sec)

The SEC shall not register any corporation organized for the practice of public accountancy (______)

The Philippine Accountancy Act of 2004, sec. 28