Question

IDENTIFICATION each of the following Instructions: Write the word or group of words that identify each of the fol statements. mited liability excepi 1. A partnership wherein all the partners have limited liability for at least one general partner 2. The contribution of an industrial partner. 3. A partner who contributes money, property, and industry. 4. A characteristic of a partnership wherein any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activities. 5. A partnership which has failed to comply with one or more of the legal requirements for its establishment. 6. An entry prepared when a partner contributes skill or industry into the partnership A partnership organized for the purpose of rendering services. 8. A contract whereby two or more persons bind themselves 10 contribute money, property, or industry to a common fund with the intention of dividing profits among themselves. 9. The value assigned to the non-cash asset contributed into partnership 10. One who is not really a partner, not being a party to the partnership agreement, but is made liable as a partner for the protection innocent third persons. 11. A written partnership contract which governs the form operation and dissolution of the partnership

Answer 1

S.No.	Word or Group of Word	Statement
1)	Limited Partnership	A partnership wherein all the partners have limited liability except for at least one partner.
2)	Industrial Partner	The contribution of Industrial Partner.
3)	Capitalist Industrial Partner	A Partner who contributes money, Property and Industry.
4)	Unlimited Liability	A Characteristic of partnership wherein any partner can act in behalf of partnership as long as these acts are within the scope normal partnership activities.
5)	De Facto Partnership	A Partnership which failed to comply with one or more of the legal requirements for its establishment.
6)	Memorandum Entry	An entry prepared when a partner contributes skill or industry into the partnership.
7)	Partnership Firm	A Partnership is organized for rendering services.
8)	Partnership Agreement	A Contract where by two or more person binds themselves to contribute money, property or industry to a common fund with the intention of dividing profits among themselves.
9)	Initial Capital Contributions	The value assigned to the non cash asset contributed into the partnership.
10)	Nominal Partner	One who is not really a partner, not being a party to the partnership agreement, but is made liable as a partner for the protection of innocent third person.
11)	Articles of Co-Partnership	A written Partnership contract which govern the formation, operation and dissolution of partnership.