Partner whose connection with the firm is known to

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Anderson's Business Law and the Legal Environment, Comprehensive Volume
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Chapter 19 / Exercise 2
Anderson's Business Law and the Legal Environment, Comprehensive Volume
Jennings/Twomey
Expert Verified
23. Partner whose connection with the firm is known to the publicA.OstensibleB.Secret C.SilentD.NominalANS: A
24. Partner whose connection with the firm is concealed or kept secret
25. Partner who is both a secret and silent partner
26. Partner who is not really a partner but who may become liable as such insofar as third persons are concerned
27. May contribute money, property or industry to the common fundA.Limited partnerB.General partnerC.Both limited and general partnersD.Dormant partnerANS: B
28. May be required to make additional contribution in case of imminent loss:
29. A, B and C are partners each contributing P10,000. The firm’s indebtedness amounts to P90,000. It was stipulated that A would be exempted from liability. Assuming that the capitalof P30,000 is still in the firm, which of the following is not correct?
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Anderson's Business Law and the Legal Environment, Comprehensive Volume
The document you are viewing contains questions related to this textbook.
Chapter 19 / Exercise 2
Anderson's Business Law and the Legal Environment, Comprehensive Volume
Jennings/Twomey
Expert Verified
30. A newly admitted general partner is liable to creditors existing at the time of his admissionand his liability is
31. Using the preceding number, but the obligations were contracted after his admission, which of the following is correct?A.He is liable to the creditors before and after his admission up to his separate property.B.He is liable to the creditors before and after his admission only up to his capital contribution.C.He is liable to the creditors before and after his admission up to his capital contribution and to the creditors after his admission up to his separate property..D.He is not liable to creditors existing before his admission.ANS: C
32. A and B are partners engaged in the real estate business. A learned that C was interested in buying a certain parcel of land owned by the partnership, even for a higher price. Without informing B of C’s offer A was able to convince B to sell to him (A) his (B’s) share in the partnership. Then A sold the land at a big profit. Which of the following is correct?

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