300 - Teresa Olga Pamela and Sonia partners in TOPS Company Limited a trading company have contributions of P50,000.00 each Teresa and Olga are

300 - Teresa Olga Pamela and Sonia partners in TOPS...

This preview shows page 1 out of 1 page.

Teresa, Olga, Pamela and Sonia, partners in TOPS Company Limited, a trading company, have contributions ofP50,000.00 each. Teresa and Olga are general partners; Pamela, a limited partner; and Sonia, a general-limitedpartner. TOPS Company Limited purchased merchandise on credit from Moret Sales Co. amounting toP180,000.00. On due date, however, TOPS Company Limited was unable to pay. Accordingly, Moret Sales Co.filed a case of collection against the partnership which by then had assets amounting to P150,000.00. Fromwhom may Moret Sales Co. collect the sum of P180,000.00?ThepartnershipforitsassetsofP150,000.00; thereafter, from Teresa, Olga, and Sonia at P10,000.00 each from their separate property.However, Sonia can recover P5,000.00 each from Teresa and Olga.In a limited partnership where there are 4 partners: It is enough that there is one limited partner; the rest may all be general partners.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture