Exam 30: Formation and Internal Relations of General Partnerships

A business trust, also called a Massachusetts trust, was devised to avoid burdens of corporate regulation, but it is no longer in use today.

Which of the following is not true regarding a partnership name?

Corporations today outnumber unincorporated business associations.

A general partnership may be formed for a charitable purpose.

The form of business association known as a partnership can be traced to ancient Babylonia and classical Greece and was used in England during the Middle Ages.

Income from some types of business entities is taxed twice.

Because the statute of frauds does not apply expressly to a contract for the formation of a partnership, usually no writing is required to create the relationship.

Absent an agreement otherwise, upon dissolution, a partner is entitled to which of the following after payment of partnership creditors?

Which of the following would be the most convincing evidence of a partnership?

Which of the following is true of a partner's fiduciary duty?

Terry and Ernest agree to become partners in advertising and promoting the Midway Fair to be held three years hence. If they agree orally, will the partnership agreement be enforceable?

In a business trust, the trustees are generally not personally liable for the debts of the business.