Q1_BLR

A universal partnership may either be a universal partnership of all present property or a universal partnership of profits.

• True

• False

If all are capitalist partners, profits and losses shall be divided according to their agreement.

• True

• False

An industrial partner cannot engage in business for himself even if the partnership permits him to do so.

• True

• False

Winding up refers to the point when all the business or affairs of the partnership are completely wound up.

• True

• False

Partnership still exists even if there is a loss before the delivery of a specific thing.

• True

• False

Partnership creditors enjoy a prior right as against the separate creditors of a retiring or deceased partner.

• True

• False

A limited partners is not liable as a general partner, except when he takes part in control or management of the partnership.

• True

• False

A limited partner can contribute case, services or other property.

• True

• False

The articles/certificate of partnership may be amended if it is signed and sworn to by a majority of the members.

• True

• False

When there is a dissolution of a partnership on any allowable cause, the partnership is not yet terminated and it will continue to function until the winding up is completed.

• True

• False