Reference no: EM133938656
Question
A, B, and C are partners in Y Partnership limited with A and B as general partners and C as a limited partner, each contributing P10,000. The partnership incurred an obligation to X , a stranger, for P12,000 and to C, the limited partner for P6,000. Upon dissolution, the partnership estate amounts to P203,000, a parcel of land valued at P200,000 and P3,000 cash.
Question 1. If X and C will proceed against the partnership, with respect to the P3,000 cash, who will be paid first?
Question 2. Supposing the partnership is insolvent, that is no parcel of land but only cash of P3,000. Who will be paid first?
Question 3. Supposing C is a general partner and it is a general partnership, the partnership is solvent, who will be paid first?
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