Question 1

An individual who joins an existing partnership has no liability for partnership debts that arose prior to his joining the partnership.

Accepted Answer

A) True 
 B)False

Question 2

A partner has express authority to do whatever he or she is authorized to do by:

Accepted Answer

A)   the written articles of partnership.
B)   the written articles of incorporation.
C)   customs and usages of a particular partnership.
D)   customs and usages of similar businesses in a particular area.E) A) and D)
F) B) and D)

Question 3

Partners have the right to sell,mortgage,or devise to an heir any individual item of the firm's property.

Accepted Answer

A) True 
 B)False

Question 4

After retiring from Jones Corp.,a partnership founded by Megan Jones and other partners,Megan grew tired of staying at home and started visiting the firm's place of business.The other partners would introduce her to prospective customers as "My partner,Ms.Jones," or "Our partner,Ms.Jones." Megan did not bother to correct anybody about this.She was introduced in this manner to Tiffany,a new customer.Relying on the idea that Megan was a partner,Tiffany entered into a contract with Jones Corp.Which of the following statements is true of Megan if Jones Corp.does not fulfill its obligations?

Accepted Answer

A)   Megan will not be liable as she did not make any claims to partnership.
B)   Megan will be liable because she failed to correct the statement when she was being introduced as a partner.
C)   The partner who introduced Megan will be liable, but Megan will not be liable.
D)   Megan will not be liable as she has withdrawn from the partnership agreement by retiring and she is no more an actual partner.E) C) and D)
F) All of the above

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 requiredE) B) and D)
F) B) and C)

Question 6

If a partnership has been dissolved in violation of the partnership agreement,_____.

Accepted Answer

A)   the court, by itself, liquidates the assets of the business
B)   the court appoints a representative as receiver to wind up the business
C)   the remaining partners forfeit the right to wind up the business
D)   the innocent partners have the right to liquidate the partnership assetsE) B) and D)
F) All of the above

Question 7

The partners' rights in partnership entitle them to:

Accepted Answer

A)   sell any item of the firm's property if its value does not exceed their share of the assets of the partnership.
B)   take possession of any item of partnership property for partnership purposes only.
C)   take possession of any item of partnership property for personal purposes if its value does not exceed their share of the assets of the partnership.
D)   devise to an heir any individual item of the firm's property.E) A) and B)
F) None of the above

Question 8

A partner who wrongfully dissociates:

Accepted Answer

A)   loses the right to demand a dissolution.
B)   can participate in the winding up process.
C)   must not be paid the value of his interest for the breach, if the firm continues.
D)   can ask the court to appoint a receiver on his behalf.E) None of the above
F) A) and D)

Question 9

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.E) A) and D)
F) None of the above

Question 10

The limited partnership certificate should not be canceled when all limited partners have died or withdrawn.

Accepted Answer

A) True 
 B)False

Exam 27: Partnerships

The partners' rights in partnership entitle them to:

Correct Answer
verified

An individual who joins an existing partnership has no liability for partnership debts that arose prior to his joining the partnership.

Correct Answer
verified

If a partnership has been dissolved in violation of the partnership agreement,_____.

Correct Answer
verified

A partner who wrongfully dissociates:

Correct Answer
verified

Correct Answer
verified

To act contrary to a partnership agreement,_____.

Correct Answer
verified

Which of the following is true of limited partnerships?

Correct Answer
verified

Partners have the right to sell,mortgage,or devise to an heir any individual item of the firm's property.

Correct Answer
verified

The limited partnership certificate should not be canceled when all limited partners have died or withdrawn.

Correct Answer
verified

A partner has express authority to do whatever he or she is authorized to do by:

Correct Answer
verified

Exam 27: Partnerships

The partners' rights in partnership entitle them to:

Correct AnswerverifiedShow Answer

An individual who joins an existing partnership has no liability for partnership debts that arose prior to his joining the partnership.

Correct AnswerverifiedShow Answer

If a partnership has been dissolved in violation of the partnership agreement,_____.

Correct AnswerverifiedShow Answer

A partner who wrongfully dissociates:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

To act contrary to a partnership agreement,_____.

Correct AnswerverifiedShow Answer

Which of the following is true of limited partnerships?

Correct AnswerverifiedShow Answer

Partners have the right to sell,mortgage,or devise to an heir any individual item of the firm's property.

Correct AnswerverifiedShow Answer

The limited partnership certificate should not be canceled when all limited partners have died or withdrawn.

Correct AnswerverifiedShow Answer

A partner has express authority to do whatever he or she is authorized to do by:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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