1) A, B, C, D, E and F are partners in ABC Ltd. Partnership. A, B and F are general capitalist partners while E is an industrial partner. The Articles of Co-Partnership provides that F is exempted from liability of the partnership to third persons. C and D are limited partners but D is appointed as managing partner. Among the partners, who ultimately shoulder the unpaid

partnership's liabilities?

a. A and B only

b. A. B. E and F only

c. A, B and F only

d. A. B. C. D. E and F

2) When a person contributed a capital to a business conducted by a person or partnership erroneously believing that he has become a limited partner in a limited partnership, what will be the nature of his liability to third person if he exercises the rights of a limited partner?

a. He is always liable like a general partner with that partnership.

b. He will not be liable as general partner with that partnership if upon ascertainment of the mistake he promptly renounces his interest in the profits of the business, or other compensation by way of income.

c. He will not be liable as general partner in all instances.

d. He will not be liable like a limited partner.

3) What are the instances when an assignee of a limited partner may become a substituted limited partner?

a. If all the members of the partnership consent thereto.

b. If the assigning limited partner or assignor is empowered to admit the assignee as substituted limited partner as provided in the certificate of limited co-partnership and gives the assignee that right.

c. When the articles of certificate of co-partnership is appropriately amended in accordance with law.

d. Any of the above.