7. Where a partnership not duly organized has been recognized as such in its dealings with certain persons. a. Ordinary partnership b. De jure partnership c. De facto partnership d. Partnership by estoppel 8. The following are the effects of unlawful partnership, except: a. The contract is voidable from the very beginning. b. The profits shall be confiscated in favor of the government. c. The instruments or tools and proceeds of the crime shall be forfeited in favor of the government. d. The contributions of the partners shall not be confiscated. 9. A document prepared by a notary public in the presence of the parties who sign it before witnesses. a. Private instrument b. Public instrument c. Commercial instrument d. None of the above
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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