DISSOLUTION

1. It is the change in the relation of the partners caused by any partner ceasing to be associated in
the carrying on of the business.

A. Disposition
B. Dissolution
C. Termination
D. Assignment

2. Means dissociation by a partner

A. Appointment
B. Resignation
C. Retirement
D. Withdrawal

3. Who has obligation to render an account?

A. Incoming partners
B. Surviving partners
C. Real partners
D. Original partners

4. The following are the final stages of a partnership, except:

A. Creation
B. Dissolution
C. Winding-up
D. Termination

5. It is the point in time after all the partnership affairs have been wound up.

A. Dissolution
B. End-life
C. Winding-up
D. Termination

6. It is the process of settling business affairs after dissolution

A. Dissolution
B. Winding-up
 C. Constitution
D. Termination

7. The following are causes of dissolution, except:

A. In intervention of the agreement between the partners, where the circumstances do not
permit a dissolution
B. By any event which makes it unlawful for the business of the partnership to be carried on or
for the members to carry it on in partnership.
C. By civil interdiction of any partner
D. By death of any partner

8. Means liabilities are greater than assets.

A. Bankruptcy
B. Solvency
C. Insolvency
D. Ruin

9. Deprives the offender during the time of his sentence of the right to manage his property and
dispose of such property by any act or any conveyance inter vivos.

A. Civil interference
B. Civil interdiction
C. Civil contradiction
D. Civil intervention

10. The following are the rights of a partner who is entitled to rescind, except:

A. Right of subrogation
B. Right of indemnification
C. Right to an account of his interest
D. Right of lien or right of retention

11. An application by or for a partner the court shall decree a dissolution wherever:

A. The business of the partnership can be carries on at either loss or profit

B. A partner has been guilty of such conduct as tends to affect prejudicially the winding up of
the business
C. A partner becomes in any other way incapable of performing his part of the partnership
contract
 D. Other circumstances render a dissolution indisputable

12. Except so far as may be necessary to ____________ partnership affairs or to complete

transactions begun but not then finished,

A. Wind up
B. Dissolve
C. Terminate
D. Conclude

13. On order for the liability of a partner to be discharged, the following must agree, except:

A. The partner
B. The other partners
C. The debtor
D. The creditor

14. It is done without the intervention of the court

A. Judicial liquidation
B. Extrajudicial liquidation
C. Ordinary liquidation
D. Extraordinary liquidation

15. It is under the control and direction of the court, upon proper cause that is shown to the court

A. Judicial liquidation
B. Extrajudicial liquidation
C. Ordinary liquidation
D. Extraordinary liquidation
ANSWERS

1. B
2. C
3. B
4. A
5. D
6. B
7. A
8. C
9. B
10. C
11. C
12. A
13. C
14. B
15. A