Business Law

ReSA The R.eview School of Accountancy 'ETel. # 735-9807 & 734-3989

BUSINESS LAW: Pre-week Lecture

Atty.M. S. Bonafe

1. A, B, and C as partnens in a padners in a partnership s,tipulated and inutually agreed Urat R sfratf66?ilrare in the profits 2'and losses. Is the agreement valid as among the partners onfy-and not against third perscns? Yes, because among the partners it is valid to exernpt one ftorn sharirg in the profits and losses, Yes, valid as long as third percons are not prejMiced. 1c 'r Not valid stipulation exemptirp a partrrcr frorn sharing prof,rB and lcses. Not valid as against third persons or partrrership creditors.

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a. L d.

2. A newly admitted partner shall be liable fior the pre-o