100%(1)1 out of 1 people found this document helpful
This preview shows page 1 - 2 out of 4 pages.
Long Quiz 1These are powers which are necessary to exercise the express powers and to accomplish or carry out the purpose for which the corporation was formed. Implied powersCommittee is the number of directors or trustees sufficient to transact business. Tijane and Marj formed a partnership named TM Enterprises. They have capital contributions of Php50,000.00 and Php130,000 respectively. They have agreed that profits and losses shall be divided with a ratio of 1:2. If Tijane's share in net profits is Php20,000.00, how much is the total net profit?This is a partnership whose existence may be terminated at any time by the partners John, Albert and Wilfred are partners in JAW Enterprises. Not having established yet their credit standing, the three partners requested Simon, a well-known businessman, to help them negotiate a loan from Carlos, amoney lender. With the consent of John,. Albert and Wilfred, Simon represented himself as a partner of JAW Enterprise. Thereafter, Carlos granted a loan of Php 350,000.00 to JAW Enterprise. What kind of partner is Simon?