Question 1

What are articles of partnership?

Accepted Answer

Although generally not required, it is h

Question 2

Which of the following is true of limited partnerships?

Accepted Answer

A)  A limited partner is liable for the debts of the partnership. 
B)  A limited partnership must file a certificate with the secretary of state. 
C)  A limited partner is a fiduciary. 
D)  A limited partnership can be created only under federal statutes. 
A)  A limited partner is liable for the debts of the partnership. 
B)  A limited partnership must file a certificate with the secretary of state. 
C)  A limited partner is a fiduciary. 
D)  A limited partnership can be created only under federal statutes.

Question 3

The final act of winding up a dissolved partnership is the distribution of assets.

Accepted Answer

A) True 
 B)False

Question 4

Partners can at any time unanimously agree to dissolve a partnership.

Accepted Answer

A) True 
 B)False

Question 5

To act contrary to a partnership agreement, _____.

Accepted Answer

A)  vote of the majority prevails 
B)  unanimous agreement is required 
C)  implied authority by RUPA is provided 
D)  approval of senior partners is required 
A)  vote of the majority prevails 
B)  unanimous agreement is required 
C)  implied authority by RUPA is provided 
D)  approval of senior partners is required

Question 6

According to Revised Uniform Partnership Act (RUPA), if a partner retires before the completion of a partnership, it is called a _____.

Accepted Answer

A)  termination 
B)  dissolution 
C)  dissociation 
D)  winding up 
A)  termination 
B)  dissolution 
C)  dissociation 
D)  winding up

Question 7

Sashes Inc. is a partnership firm dealing in the manufacture of casual clothes. Rahul, one of the partners of Sashes Inc., thinks that they should clear the old stock during Thanksgiving. For this purpose, Rahul _____.

Accepted Answer

A)  requires unanimous agreement of all the partners 
B)  requires unanimous agreement of the general partners only 
C)  has the express authority to act 
D)  requires his decision to be ratified by any two general partners 
A)  requires unanimous agreement of all the partners 
B)  requires unanimous agreement of the general partners only 
C)  has the express authority to act 
D)  requires his decision to be ratified by any two general partners

Question 8

Partners have a duty to account for any expenditure of partnership funds they make.

Accepted Answer

A) True 
 B)False

Question 9

The liability of partners for torts committed by the partnership:

Accepted Answer

A)  is on the partner who committed the tort. 
B)  is joint and several, permitting the injured person to sue any partner individually or all of them together. 
C)  depends on whether a partner or an employee commits the tort, and if it is a partner, the injured person has to sue all of the partners together. 
D)  is nonexistent because a partnership cannot commit a tort. 
A)  is on the partner who committed the tort. 
B)  is joint and several, permitting the injured person to sue any partner individually or all of them together. 
C)  depends on whether a partner or an employee commits the tort, and if it is a partner, the injured person has to sue all of the partners together. 
D)  is nonexistent because a partnership cannot commit a tort.

Question 10

In terms of a partnership at will, the partnership can be dissolved at:

Accepted Answer

A)  any time by the major shareholder even without the consent of the other partners. 
B)  a specific time by any partner. 
C)  any time by any partner by the notification to other partners. 
D)  a specific time with the consent of any two partners. 
A)  any time by the major shareholder even without the consent of the other partners. 
B)  a specific time by any partner. 
C)  any time by any partner by the notification to other partners. 
D)  a specific time with the consent of any two partners.

Exam 27: Partnerships

What are articles of partnership?

Which of the following is true of limited partnerships?

The final act of winding up a dissolved partnership is the distribution of assets.

Partners can at any time unanimously agree to dissolve a partnership.

To act contrary to a partnership agreement, _____.

According to Revised Uniform Partnership Act (RUPA), if a partner retires before the completion of a partnership, it is called a _____.

Sashes Inc. is a partnership firm dealing in the manufacture of casual clothes. Rahul, one of the partners of Sashes Inc., thinks that they should clear the old stock during Thanksgiving. For this purpose, Rahul _____.

Partners have a duty to account for any expenditure of partnership funds they make.

The liability of partners for torts committed by the partnership:

In terms of a partnership at will, the partnership can be dissolved at:

Law, Legal Reasoning, and the Legal Profession

Dispute Settlement

Business Ethics and Corporate Social Responsibility

Business and the Constitution

Crimes

Intentional Torts

Negligence and Strict Liability

Licensing and Intellectual Property

The Nature and Origins of Contracts

Creating a Contract: Offers

Creating a Contract: Acceptances

Consideration

Capacity to Contract

Voluntary Consent

Illegality

The Form and Meaning of Contracts

Third Parties Contract Rights

Performance and Remedies

Formation and Terms of Sales Contracts

Warranties and Product Liability

Performance of Sales Contracts

Remedies for Breach of Sales Contracts

The Agency Relationship-Creation, Duties, and Termination

Liability of Principals and Agents to Third Parties

Employment Laws

Which Form of Business Organization

Formation and Termination of Corporations

Management of the Corporate Business

Financing the Corporation and the Role of the Shareholders

Securities Regulation

Legal Liability of Accountants

Personal Property and Bailments

Real Property

Landlord and Tenant

Estates and Trusts

Insurance

Negotiable Instruments

Negotiation and Holder in Due Course

Liability of Parties

Checks and Electronic Fund Transfers

Introduction to Security

Security Interests in Personal Property

Bankruptcy

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