Quiz 1: Partnership

Which of the following is NOT a disadvantage of Partnership over Corporation?

• Unlimited Liability

• Ease of Formation

• Limited Life

• None of the Above

Which of the partners are known to the public but not an actual partner?

• Secret Partner

• Ostensible Partner

• Leonin Partner

• General Partner

The following are the rights of a partner except

• Property Right

• Right to assign his profit share to a 3rd person

• Right to inspect books

• Right to use the partnership asset for personal use

The following are the characteristics of a General Partner, except

• Can manage the business

• Can contribute money, property and industry

• Can engage to other business without the consent of other partners

• His name can be included in the name of the Partnership

Which of the following is NOT required in the Articles of Co-Partnership?

• Name of the Partnership

• Name of the Partners

• Nature of the business

• Age of the partners

Which of the following partner is not known to the public?

• Dominant Partner

• Secret Partner

• Nominal Partner

• Limited Partner

Which of the following can NOT contribute skills and expertise in a partnership?

• General Partner

• Secret Partner

• Limited Partner

• Ostensible Partner

A partner who has no share in profits but has share in losses

• Ostensible partner

• Limited Partner

• Dormant Partner

• Leonin Partner

A partnership that is formed without a period/fixed duration is

• Partnership with period

• Partnership at will

• Not a valid partnership

• None of the above

A partnership where partners need to contribute all their property at the time of formation.

• Universal Partnership of all property

• Particular partnership

• Universal Partnership of Profit

• General Partnership