Question 1

Kean and Bubnick are real estate agents who share commissions on joint sales.This sharing of gross returns establishes a partnership unless Kean and Bubnick have a written agreement to the contrary.

Accepted Answer

A) True 
 B)False

Question 2

Under the UPA,a partner's ownership interest in any specific item of partnership property is that of a:

Accepted Answer

A) joint tenant. 
B) tenant in common. 
C) tenant in partnership. 
D) tenant by the entireties.

Question 3

In choosing the form in which to conduct business,if ease of formation is the primary concern, the owners would choose a:

Accepted Answer

A) corporation. 
B) limited liability partnership. 
C) limited partnership. 
D) general partnership.

Question 4

No minimum amount of capitalization is necessary before a partnership may commence business.

Accepted Answer

A) True 
 B)False

Question 5

Whether an individual partner or the partnership owns certain property determines who gets it upon dissolution of the partnership and who shares in income from it.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is the most convincing evidence of a partnership arrangement?

Accepted Answer

A) Two or more persons are co-owners of property used in a business. 
B) Two or more persons have a written agreement regarding a fundraiser for charity. 
C) Two or more persons carry on a business for profit, but they have no formal agreement. 
D) Two person share a joint savings account in which they deposit money and share the interest.

Question 7

No person may become a member of a partnership without the consent of all the partners.

Accepted Answer

A) True 
 B)False

Question 8

Each partner has an interest in the partnership,which includes his share of profits and losses,his right to receive distributions,and his management rights.

Accepted Answer

A) True 
 B)False

Question 9

Under the RUPA,a partner violates the duty of loyalty if the conduct furthers the partner's own interest.

Accepted Answer

A) True 
 B)False

Question 10

Ed,Vivian,and Pablo enter a partnership.Identify the source of the duties among the partners and whether these can be waived or varied.Name the principal duties Ed,Vivian,and Pablo have to each other and to the partnership.

Accepted Answer

The answer of Ed,Vivian,and Pablo enter a partnership.Identify the source...

Exam 30: Formation and Internal Relations of General Partnerships

Kean and Bubnick are real estate agents who share commissions on joint sales.This sharing of gross returns establishes a partnership unless Kean and Bubnick have a written agreement to the contrary.

Under the UPA,a partner's ownership interest in any specific item of partnership property is that of a:

In choosing the form in which to conduct business,if ease of formation is the primary concern, the owners would choose a:

No minimum amount of capitalization is necessary before a partnership may commence business.

Whether an individual partner or the partnership owns certain property determines who gets it upon dissolution of the partnership and who shares in income from it.

Which of the following is the most convincing evidence of a partnership arrangement?

No person may become a member of a partnership without the consent of all the partners.

Each partner has an interest in the partnership,which includes his share of profits and losses,his right to receive distributions,and his management rights.

Under the RUPA,a partner violates the duty of loyalty if the conduct furthers the partner's own interest.

Ed,Vivian,and Pablo enter a partnership.Identify the source of the duties among the partners and whether these can be waived or varied.Name the principal duties Ed,Vivian,and Pablo have to each other and to the partnership.