Which of the following statements concerning the name of a partnership is false?
The partnership name may include the name of only one of the partners.
The partnership name may include the names of two or more, but not all of the partners.
The partnership name may include the names of all the partners.
The partnership cannot adopt a name which does not include the name of at least one of
62. Ornussa, the owner of a vacant lot, leased the same to Florida under an agreement that the
rental shall be paid by Florida at the rate of 10% of the annual net income of the flower business
that she would put up on the lot. A private agreement was signed by the parties. In the first year
of operation, Ornussa received from Florida the amount of P20, 000.00 representing 10% of the
net income of the flower shop business.
LIFE Company, a partnership engaged in the water distribution business, is composed of partners
Larredo, Ingles, Filler and Encanto. One day, Larredo was driving the firm’s delivery truck beyond
the speed limit in order to serve its customers, when he rammed into and caused extensive
damage on the parked car of Tertullo.
64. A person admitted as a partner into an existing partnership shall be liable up to the extent of his
separate assets for what obligations?