A) An act of the partners or operation of the law,but not an act of the court
B) Only the operation of the law
C) Only an act of the partners
D) Only an act of the court
E) An act of the partners,operation of the law,or an act of the court
G) A) and C)
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A) No,because in order to add a new partner,all general partners must agree and at least one half of limited partners must agree.
B) They are correct only if all general partners agree that limited partners cannot vote on the matter.
C) No,because in order to add a new partner,all partners,including limited partners,must agree.
D) No,because in order to add a new partner,at least one half of general partners and one half of limited partners must agree.
E) They are correct.
G) B) and E)
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B) False
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A court may dissolve...View Answer
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A) Formation,performance,dissolution,winding up,termination or continuation.
B) Performance,formation,dissolution,winding up,termination or continuation.
C) Formation,performance,winding up,dissolution,termination or continuation.
D) Performance,formation,winding up,dissolution,termination or continuation.
E) Formation,performance,termination,winding up,dissolution or continuation.
G) None of the above
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A) When all claims against the partnership by third parties are either settled or resolved in court.
B) When the partnership is dissolved.
C) When all assets of the partnership are sold.
D) When account is taken of the assets of the partnership and the assets are distributed among the partners.
E) When all partners sign releases terminating the partnership.
G) A) and C)
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A) Wrongful dissolution
B) Prohibited termination
C) Wrongful termination
D) Untimely termination
E) Prohibited dissolution
G) A) and E)
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A) Creton receives copies of profit and loss statements.
B) Creton signed a certificate of limited partnership.
C) Creton reviews e-mails from the general partners regarding the profitability of the business.
D) Creton has lunch each month with the general partners.
E) Creton's surname is Dunham.
G) D) and E)
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A) A limited partner has no right to participate in management,has limited liability up to the amount of his or her assumption of debt,and is an agent of the partnership.
B) A limited partner has no right to participate in management,has limited liability up to the amount of his or her assumption of debt,and is not an agent of the partnership.
C) A limited partner has a limited right to participate in management,has limited liability up to the amount of capital,and is an agent of the partnership.
D) A limited partner has no right to participate in management,has limited liability up to the amount of capital,and is not an agent of the partnership.
E) A limited partner has a limited right to participate in management,has limited liability up to the amount of capital,and is not an agent of the partnership.
G) A) and C)
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A) Payment to third-party creditors,payment to the partners according to their investments in the partnership,payment to partners who have loaned the partnership money,and payment to the partners on the basis of their shares of the profits.
B) Payment to third-party creditors,payment to partners who have loaned the partnership money,payment to the partners according to their investments in the partnership,and payment to the partners on the basis of their shares of the profits.
C) Payment to partners who have loaned the partnership money,payment to the partners according to their investments in the partnership,payment to third-party creditors,and payment to the partners on the basis of their shares of the profits.
D) Payment to partners who have loaned the partnership money,payment to third-party creditors,payment to the partners according to their investments in the partnership,and payment to the partners on the basis of their shares of the profits.
E) Payment to the partners on the basis of their shares of the profits,payment to third-party creditors,payment to partners who have loaned the partnership money,and payment to the partners according to their investments in the partnership.
G) C) and E)
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A) He does not need consent to add another limited partner.
B) Only Jesse,because Aldo and Inez are limited partners
C) Only Jesse,unless Manny will be a general partner,then he needs consent of all partners.
D) He needs a majority of the partners to add another partner.
E) Jesse,Aldo,and Inez.
G) C) and E)
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B) False
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A) Yes,like a limited partnership,only the general members of an LLC make management decisions.
B) Although an LLC does not have limited partners and general partners,one can be a limited member without any say in the company.
C) Yes,like a limited partnership,an LLC can have limited partners and general partners.
D) Martin is correct.
E) No,in general,each member of an LLC may have a say in the management of the company.
G) A) and B)
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B) False
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A) A partner is declared bankrupt.
B) One partner dies.
C) A partner requests that the partnership be terminated.
D) A partner fails to comply with provisions of the partnership agreement.
E) A partner is declared insane and unfit to manage the business.
G) D) and E)
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B) False
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A) Yes,like a limited partnership,there is no limited liability unless Bruno is a limited member.
B) No,an owner does not have to give up his right to participate in management in order for an LLC to obtain limited liability.
C) Yes,if an LLC member who participated in management chooses to give up this right,the LLC could lose protection.
D) Yes,an owner must give up his right to participate in management in order for an LLC to obtain limited liability.
E) Martin would be correct if Bruno seeks dissolution.
G) C) and D)
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A) If a partner wishes to leave a partnership,he or she must give notice of his intention to do so at least six months before the end of the business year.
B) If one partner leaves,the remaining partners may opt to fully dissolve the relationship.
C) If remaining partners wish to continue the partnership after one leaves,that possibility must be provided for in the contract agreement to terminate the partnership.
D) All claims against the partnership are dismissed four years after termination.
E) On receiving notification of a partner of his or her intent to leave the partnership,the other partners may begin placing bids for the purchase of the leaving partner's shares.
G) C) and E)
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A) The written consent of a majority of all partners limited and general.
B) An act of the court.
C) The expiration of the term established in the certificate of limited partnership.
D) The withdrawal of the general partner unless the certificate establishes that other general partners will continue.
E) The completion of the objective established in the certificate.
G) A) and E)
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A) Interests;partnership
B) The firm;interests
C) Interests;the firm
D) The firm;partnership
E) Partnership;the firm
G) A) and E)
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