Question 1

The Uniform Partnership Act treats partnerships as separate legal entities.

Accepted Answer

A) True 
 B)False

Question 2

If a partnership is formed but there is no agreement as to how long the partnership will exist,then:

Accepted Answer

A)  the partnership will fail because of the lack of intent regarding duration. 
B)  the length of time that the partnership will be in existence will be established by the Uniform Partnership Act. 
C)  this will be known as a partnership for a term. 
D)  the duration of the partnership will be for a reasonable time. 
E)  the partnership will last indefinitely until there is a partnership dissolution. 
A)  the partnership will fail because of the lack of intent regarding duration. 
B)  the length of time that the partnership will be in existence will be established by the Uniform Partnership Act. 
C)  this will be known as a partnership for a term. 
D)  the duration of the partnership will be for a reasonable time. 
E)  the partnership will last indefinitely until there is a partnership dissolution.

Question 3

Partners are jointly and severally liable for the torts and/or breaches of trust of the partnership.

Accepted Answer

A) True 
 B)False

Question 4

Where there is no agreement to share profits in a partnership,but one partner invests twice as much capital in the partnership as the other over the course of the year,how are the profits to be distributed?

Accepted Answer

A)  in the ratio of time devoted to the partnership 
B)  in the ratio of capital invested in the partnership 
C)  The profits must remain in the partnership, and are not to be distributed. 
D)  equally 
E)  in accordance with which partner earned them 
A)  in the ratio of time devoted to the partnership 
B)  in the ratio of capital invested in the partnership 
C)  The profits must remain in the partnership, and are not to be distributed. 
D)  equally 
E)  in accordance with which partner earned them

Question 5

General partners are personally liable for partnership debts in a limited partnership.

Accepted Answer

A) True 
 B)False

Question 6

When a new partner joins an existing partnership,the new partner has only limited liability for the obligations of the partnership in existence at the time he or she became a partner.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is not a major form for conducting businesses and professions in the United States?

Accepted Answer

A)  sole proprietorship 
B)  general partnership 
C)  unlimited partnership 
D)  limited liability partnership 
E)  corporation 
A)  sole proprietorship 
B)  general partnership 
C)  unlimited partnership 
D)  limited liability partnership 
E)  corporation

Question 8

Under the Uniform Partnership Act,general partners have ________ liability for torts and breaches of trust.

Accepted Answer

A)  express and implied 
B)  legal and equitable 
C)  joint and several 
D)  conditional and unconditional 
E)  reserved and unreserved 
A)  express and implied 
B)  legal and equitable 
C)  joint and several 
D)  conditional and unconditional 
E)  reserved and unreserved

Exam 26: Small Business, Entrepreneurship, and Partnerships

The Uniform Partnership Act treats partnerships as separate legal entities.

If a partnership is formed but there is no agreement as to how long the partnership will exist,then:

Partners are jointly and severally liable for the torts and/or breaches of trust of the partnership.

Where there is no agreement to share profits in a partnership,but one partner invests twice as much capital in the partnership as the other over the course of the year,how are the profits to be distributed?

General partners are personally liable for partnership debts in a limited partnership.

When a new partner joins an existing partnership,the new partner has only limited liability for the obligations of the partnership in existence at the time he or she became a partner.

Which of the following is not a major form for conducting businesses and professions in the United States?

Under the Uniform Partnership Act,general partners have ________ liability for torts and breaches of trust.

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