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mmon fund of the C. Silent partner d. Ostensible partner 12. Which of the following is not a characteristic of partnerships? a. Voluntary association b. Mutual agency c Limited liability d. Limited life 13. Which of these characteristics does not apply to a general professional partnership? Unlimited life b. Mutual agency c. Unlimited liability d. No business income tax a 14. The most appropriate lead to look for relationships among partners is in the a accounting records b. voluntary association. c. partnership agreement d relevant professional journals. ership, these assets 15. A partner will not bind the partnership to an outside purchase contract when the a. the item purchased is considered immaterial in amount b. item purchased is not within the normal scope of the business c. partner who made the purchase withdraws from the partnership d. partner was not authorized by the other partners to make the purchase 16. A partner invested into a partnership a building with a P250,000 carrying value and P400,000 fair market value. The related mortgage payable of P125,000 was assumed by the partnership. As a result of the investment, the partner's capital account will be credited for capital contribution 3. P125,000 b. P275,000 CP250,000 d. P400,000 17 A business would be organized as a limited liability partnership to a reduce regulation of the business. b. eliminate double taxation c. raise additional capital olimit the liability of the owners to their investment s upon dissolution: Sosic Constitution Form

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