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40. Which of the following will not cause the automatic dissolution of a limited partnership?a. Death of a general partnerb. Death of a limited partner
c. Insolvency of a general partnerd. Insanity of a general partner41. One of the distinctions between a partnership and a corporation is that a partnership:42. Belinda, Ara, Rica and Klaudia are partners in BARK Enterprises, a pet shop, with Belinda contributingP50,000.00, Ara, P20,000.00 and Rica, P30,000.00. Klaudia is an industrial partner and manages the partnership. Based on the foregoing information, which of the following statements is false?43. Josephine, Ellen, Wilma, Edith and Lydia are partners in JEWEL Company, Ltd. Josephine, Ellen and Wilma are general partners, Edith is a general-limited partner, while Lydia is a limited partner. Based on the foregoing information, which of the following statement is false?44. Which of the following will not cause the automatic dissolution of general partneship?a. Death of a partnerb. Insolvency if a partnerc. When the partnership business becomes unlawful
d. Insanity of a partner45. Wilma, Olga and Wynona agreed to form a limited partnership with Wilma and Olga as general partners contributing P50,000.00 each, and Wynona as limited partner contributing P100,000.00. The partnership which is to engage in the trading of garments was named ‘’WOW Garments Co., Limited” as indicated in the certificate signed and sworn to by the partners before a notary public. However, the certificate was not filed with the Securities and Exchange Commission. In the meantime, the partners already operating began operating the business and transacting with third persons.