it is one where all partners are general partners with unlimited liability and are therfore liable to partnership creditors even up to the extent of their personal properties especially when partnership becomes insolvent
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PARTNERSHIP AND CORPORATION - GENERAL CONCEPTS 2
Quiz
•
Business
•
University
•
Medium
Carlo MBA
Used 50+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Limited partnership
General Partnership
Universal partnership of property
A universal Partnership of profits
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
is composed of at least one general partner with the others as limited partners who are liable to p[artnership creditors only to the extent of their investment in the partnership
Limited partnership
General Partnership
Universal Partnership of Property
Universal Partnership of Profits
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
is one where all the partners conribute all their properties into a common fund
General partnership
Limited partnership
Universal partnership of property
Universal partnership of profit
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
is one where thepartners contribute all what they will receive as a result of their work or service rendered during the lifetime of the partnership
General partnership
Limited Partnership
Universal partnership of property
Universal partnership of profit
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
is one who manages the partnership, contributes property or service and has unlimited liability assuming risk of loss of personal property in the event partnership becomes insolvent
General partner
Limited partner
Capitalist partner
Real partner
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
is one who invest cash or property , has no unlimited liability and has no active role in the management of the partnership
General partner
Limited partner
Capitalist partner
real partner
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
is one who contributes property into the partnership fund
capitalist partner
industrial partner
real partner
nominal partner
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