. Write the word or group of words that identify each of the following statements. 1. A partnership wherein all the partners have limited liability except or at least one general partner. 2. The contribution of an industrial partner 3. A partner who contributes money, property, and industry.
. Write the word or group of words that identify each of the following statements. 1. A partnership wherein all the partners have limited liability except or at least one general partner. 2. The contribution of an industrial partner 3. A partner who contributes money, property, and industry.
Chapter20: Corporations And Partnerships
Section: Chapter Questions
Problem 21DQ
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Question
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II. Write the word or group of words that identify each of the following statements.
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1. A partnership wherein all the partners have limited liability except or at least one general partner.
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2. The contribution of an industrial partner
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3. A partner who contributes money, property, and industry.
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4. Any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activity.
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5. A partnership which failed to comply with one or more of the legal requirements for its establishment.
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6. An entry prepared when industry is contributed into the partnership.
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7. A partnership organized for the purpose of rendering service.
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8. A contract whereby two or more persons bind themselves to contribute money, property, or industry to a common fund with the intention of dividing profits among themselves.
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9. The basis for recording a partner's contribution in the form of noncash assets
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10. One who is both a silent and a scret partner.
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11. The partnership contract in writing which governs the formation, operation, and dissolution of the partnership.
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12. A partner who has financial interest in the firm, not known to be a partner, but takes active part in the management of the firm.
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13. The government body which is in charge with administering the various laws affecting partnerships and corporations in the Philippines.
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14. The word added to the name of the partnership to inform the public that it is a limited partnership.
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15. A partner whose liability is only up to his personal contribution into the partnership.
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