LIMITED PARTNERSHIP:

1. It is formed by compliance in good faith with the statutory requirements.

A. General partnership
B. Limited partnership
C. Corporation
D. Cooperative

2. Two or more persons desiring to form a limited partnership shall sign and swear to a certificate,
which shall state:

A. The location of the domicile of the partners or the business.

B. The share of profits or the other compensation by way of dividends which each limited
partner shall receive by reason of his contribution.
C. The amount of cash and a description of and the agreed value of the other property
contributed by each limited partner
D. The rime, if agreed upon, when the income of each limited partner is to be distributed.

3. The following are contributions that can be contributed by a limited partner, except:

A. Cash
B. Land
C. Building
D. Service

4. A limited partner whose _________ appears in a partnership name contrary to the provisions of the
first paragraph of article 1846 is liable as a general partner to partnership creditors who extend credit to
the partnership without actual knowledge that he is not a general partner.

A. Surname
B. Full name
C. First name
D. Middle name

5. One who suffers loss by reliance on a certificate containing false statement may hold liable any party
to the certificate who know the statement to be false when:

A. At the time he filed it to the Securities and Exchange Commission

B. Subsequently, but within a sufficient time before the statement was relied upon to enable
him to cancel or amend the certificate
C. To file a pre-registration to the Department of Trade and Industry.
D. To file for a petition for its cancelation or amendment as provided in article 1867
6. A limited partner will be liable as a general partner, if:

A. He makes the least contribution in the partnership fund

B. He acquires the rights of a general partner
C. His shares become delinquent
D. he takes part in the control of the business

7. The only requirement in order for additional limited partners to be admitted after the formation of
the partnership is the amendment of the original certificate of limited partnership which must be:

A. Signed by all partnership creditors

B. Sworn by all guarantors of incoming partners to be admitted
C. filed in the office of the Securities and Exchange Commission
D. Signed by representatives of deceased partner

8. General partners in a limited partnership have no authority to:

A. Do any act in intervention of the certificate

B. Confess a judgement against the partnership
C. Do any act which would make it possible to continue the ordinary business of the partnership
D. Admit a person as a de facto partner

9. The following are the rights of a limited partner, except:

A. The right to receive return if his contribution if the partnership liability are on excess of the
partnership assets
B. The right to have the partnership books kept at the principal place of business of the
partnership
C. The right to receive dividend
D. The right to have a speedy disposition of a judicial case

10. A person who has contributed to the capital of a business conducted by a person or partnership
_______ believing that he has become a limited partner in a limited partnership is not, by reason if his
exercise of the rights id a limited partner, a general partner with the person or in the partnership
carrying in the business.

A. Erroneously
B. Fraudulently
C. Falsely
D. Validly

11. A person may be a _______ and a _______ in the same partnership at the same time, provided that
this fact shall be stain the certificate
 A. General Partner, Capitalist Partner
B. Capitalist Partner, Industrial Partner
C. General Partner, Limited Partner
D. General Partner, Managing Partner

12. The following are allowable business transaction of a limited partner with the partnership, except:

A. To receive on account of resulting claims against the partnership, with general creditors, a pro
rata share of the assets.
B. To lend money to the partnership
C. To receive or hold as collateral security and partnership property
D. To transact business with the partnership

13. Preference may be given to some limited partners over other limited partners as to:

A. their share in the common fund

B. their share in the distribution of dividends
C. Return of their contributions
D. All other matters concerning their representative

14. A limited partner may receive from the partnership the share of the profits or the compensation by
way of income if:

A. The partnership liabilities are in excess of all assets of the partnership

B. The partnership liabilities are equal to all the assets of the partnership
C. The partnership assets are insufficient to eliminate the partnership liability
D. The partnership assets are in excess of all liabilities of the partnership except liabilities to
limited partners in account

15. A limited partner shall not receive from a general partner or out of the partnership property any part
if his contribution until:

A. The consent of all members is had

B. After he has given eight months' notice in writing to all members
C. All liabilities of the partnership to general partners have been paid but the property is not
sufficient to pay the limited partners on account of their contributions
D. The dissolution of the partnership

16. A limited partner is liable to the partnership:

A. For all liabilities of the partnership to its creditors

B. For any unpaid contribution
C. For the difference between the partnership liability and partnership asset
D. For any money or property fraudulently paid and appraised
17. A person admitted to all the rights of a limited partner who has died or has assigned his interest in a
partnership.

A. Proxy
B. Alternative Partner
C. Legal Representative of any partner
D. Substituted Limited Partner

18. The following dissolves a partnership, except:

A. Death of a general partner

B. Insanity of a general partner
C. Civil intervention
D. Insolvency of a general partner

19. The ________ shall be held liable for all his liabilities as a limited partner.

A. Legal Representative of a deceased limited partner

B. Estate of a deceased limited partner
C. Designated proxy of a legally incapacitated limited partners
D. General partner in a limited partnership

20. The interest may be redeemed with the separate property of any general partner, but may not be
redeemed:

A. With separate property of a capitalist partner

B. By Compensation
C. With Partnership Property
D. By rendering services

21. They are given priority over general partners.

A. Preferred Partners
B. Capitalist Partners
C. Original Partners
D. Limited Partners

22. A certificate shall be amended when:

A. A person is substituted as a de facto partner

B. An additional general partner is admitted
 C. There is a change in the name of the partnership or in the amount or charter of the
contribution of any limited partner
D. There is true statement in the certificate

23. The following are requirements for cancellation, except:

A. It must be filed for record in the office of the Securities and Exchange Commission
B. It must be registered under the Department of Trade and Industry
C. It must be signed and sworn to by all members
D. It must be in writing

24. A _________ is not a proper party to proceedings by or against a partnership, except where the
object is to enforce a limited partner’s right against or liability to the partnership.

A. Contributor
B. Proxy
C. Creditor
D. Debtor

25. Interest is assignable in this kind of business

A. General Partnership
B. Eleemosynary Partnership
C. Limited Partnership
D. Corporation
ANSWERS:

1. B
2. C
3. D
4. A
5. B
6. D
7. C
8. B
9. B
10. A
11. C
12. C
13. C
14. D
15. A
16. B
17. D
18. C
19. B
20. C
21. D
22. C
23. B
24. A
25. C