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Correct time answered 03012022 060154pm 39 multiple

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→ CorrectTime Answered: 03/01/2022 06:01:54pm39.MULTIPLE CHOICE:X, Y, and Z, are brother and sisters, who are co-owners of certain lots which were then beingleased to SHELL Co. They agreed to open and operate a gas station thereat to be known as XYZShell Service Station with an initial investment of P950,000 to be taken from the advance rentalsdue to them from SHELL for the occupancy of the said lots owned in common by them. A joint
affidavit was executed by them which was prepared by Atty. W. Y and Z agreed to help theirbrother X by allowing him to operate and manage the gasoline service station of the family. Theynegotiated with SHELL. For practical purposes and in order not to run counter to the company'spolicy of appointing only one dealer, it was agreed that X would apply for the dealership. Y helpedin managing the business. For some time, X submitted financial statements regarding theoperation of the business to Y and Z, but thereafter X failed to render subsequent accounting.Hence, a demand was made on X to render an accounting of the profits. Thereafter, Y and Z filed acomplaint. Does a partnership exist between members of the same family arising from their jointownership of certain properties?
Time Answered: 03/01/2022 05:35:25pm40.MULTIPLE CHOICE:H, I, and J formed HIJ partnership. Subsequently, H died survived by his widow, W. It was agreedbetween I, J, and W that W will receive 5% of the annual net income of the partnership pendingliquidation. Will W become a partner?
41.MULTIPLE CHOICE:X, Y and Z formed XYZ partnership. V is the accountant of the partnership. In the contract ofemployment between XYZ partnership and V, V will receive 15% of the net profit of thepartnership. Is V a partner?

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Term
Spring
Professor
N/A
Tags
Types of business entity, partner

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