Partnership Accounting

False

A partner who invests assets into a partnership retains control over those specific assets.

True

A partnership cannot be established for religious purposes.

True

A partnership has a juridical personality separate and distinct from that of each of the partners.

True

A partnership is a legal entity separate and apart from its owners.

False

A partnership may be established for charity.

True

A partnership must always have at least two owners.

True

A partnership must always have two or more owners.

False

A sole proprietorship has a limited life whereas a partnership may have an unlimited life.

True

All partnerships have a limited life and assets are co-owned by the partners.

True

In a contract of partnership, two or more persons bind themselves to contribute money, property or industry to a common fund, with the intention of dividing the profit among themselves.

False

One of the partners in a proposed partnership is a multi-millionaire. The stipulation in the articles of partnership states that this partner shall be excluded from sharing in the profits of the partnership is valid.

True

One of the partners in a proposed partnership is a multi-millionaire. The stipulation in the articles of partnership that this partner shall be excluded from sharing in the profits of the partnership is void.

True

There can never be a partnership without contribution of money, property or industry to a common fund.

True

Two or more persons may form a partnership for the exercise of a profession.

True

Work or services that may either be personal manual efforts or intellectual may also be contributed to a partnership.