7. If a person receives a share in the profits of a business, he is a prima facie presumed to be a partner in business. 8. In partnership, there is co-ownership and co-possession of partnership property. 9. Partnerships with a capital of P3,000.00 or more must register with the SEC. Registration requirement is mandatory.

7. If a person receives a share in the profits of a business, he is a prima facie presumed to be a partner in business. 8. In partnership, there is co-ownership and co-possession of partnership property. 9. Partnerships with a capital of P3,000.00 or more must register with the SEC. Registration requirement is mandatory.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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