B) False
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A) $2,000 minus the noncontinuing partner's share of expenses involved with dissolution.
B) $2,000 minus the noncontinuing partner's share of loses,if any,in the first year after dissolution.
C) $2,000
D) $2,000 minus any losses the noncontinuing partner's leaving caused the partnership to sustain.
E) Nothing
G) B) and E)
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The parties should not enter into a limi...View Answer
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A) Delineating
B) Closing up
C) Terminating
D) Reallocating
E) Winding up
G) B) and E)
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A) None.
B) The partnership can be dissolved at the request of the other partners.
C) The partnership is dissolved by an act of the court.
D) The partnership is dissolved by the act of a partner.
E) The partnership is dissolved by operation of law.
G) B) and C)
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B) False
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A) They originated in England approximately 200 years ago.
B) They originated in the United States approximately 200 years ago.
C) They originated in the United States approximately 50 years ago.
D) They originated in Mexico approximately 50 years ago.
E) They originated in Europe over 500 years ago.
G) A) and B)
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The Uniform Partnership Act es...View Answer
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A) Wrongfully dissolved because Cole offered to return the software.
B) Rightfully dissolved because,by his actions,Cole withdrew from the partnership at will.
C) Wrongfully dissolved,unless Morton is also retiring.
D) Rightfully dissolved because the partnership agreement dictated that a partner can be expelled for theft,and by placing the patent in his company's name he committed theft against the partnership.
E) Wrongfully dissolved because the partnership agreement does not permit dissolution under these circumstances.
G) All of the above
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B) False
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B) False
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A) Ryan had actual authority to bind the partnership because the law firm had not notified anyone at the office supply that he was no longer authorized to make purchases for the law firm.
B) Ryan had actual authority to bind the partnership so long as the purchases were made within seven days of his resignation.
C) Ryan had actual authority to bind the partnership only if he cannot be found within one year of the date the purchases were made.
D) Ryan did not have actual authority to bind the partnership.
E) Ryan had actual authority to bind the partnership so long as the purchases were made within ten days of his resignation.
G) D) and E)
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A) Limited liability companies are a relatively new form of business.
B) In a limited liability company,each member gets a say in the management of the company,whereas in a limited partnership,only the general partners get to make management decisions.
C) The Uniform Limited Liability Company Act has been accepted by a majority of the states.
D) A limited liability company is similar to a limited partnership insofar as the limited partner and the limited liability company member have limited liability dependent on the investment he or she makes.
E) A limited liability company is similar to a limited partnership in regards to receiving the tax breaks that are often afforded to those in a partnership.
G) C) and D)
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A) During the first year of business and also in subsequent years,a limited partner has a right to share in the profits.
B) A limited partner is generally entitled to a share of the profits,but during the first year of business,a limited partner is only entitled to one-half of whatever the share would normally have been.
C) A new limited partner is only entitled share in the profits after a partnership has been successful for three consecutive years.
D) During the first year of business,a limited partner is not legally entitled to a share of the profits.
E) During the first year of business,a limited partner is only entitled to a share of the profits at the discretion of the general partners.
G) A) and E)
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A) Although an LLC does not have limited partners and general partners,one can be a limited member without any say in the company.
B) Martin is correct.
C) Yes,like a limited partnership,an LLC can have limited partners and general partners.
D) No,each member of an LLC has a say in the management of the company.
E) Yes,like a limited partnership,only the general members of an LLC make management decisions.
G) A) and E)
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A) James has liability for losses only if the general partners are insolvent.
B) James has no liability for losses at all.
C) James has a legal obligation to share equally in losses with the general partners.
D) James would be responsible for one-half of any losses with the two general partners having liability for the other half.
E) James assumed no liability for the partnership beyond the capital he invested.
G) B) and E)
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A) Death of a partner results in dissolution of a partnership by operation of law.
B) A partnership engaging in an activity that suddenly becomes illegal results in dissolution of a partnership by operation of law.
C) A partner withdrawing from the partnership at will results in dissolution through an act by a partner.
D) A partner withdrawing or being expelled pursuant to the partnership agreement results in dissolution through an act by a partner.
E) A partner's engagement in any other business activity results in dissolution of a partnership through an act by a partner.
G) A) and D)
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B) False
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A) The appellate court reversed the dismissal of plaintiff's claims because,although the partnership was not successful,plaintiff was entitled to a distribution of assets.
B) The appellate court affirmed the dismissal of plaintiff's claims because she failed to show she was a "co-owner" of the partnership.
C) The appellate court remanded the case to the trial court to determine the amount of assets or profits of the partnership for distribution.
D) The appellate court reversed the dismissal of plaintiff's claims because she was a "co-owner" of partnership property and entitled to a valuation of the property.
E) The appellate court affirmed the dismissal of plaintiff's claims because she failed to show she was damaged since there were no assets or profits of the partnership to distribute to her.
G) B) and E)
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A) The structure of management must adhere to statutory constraints.
B) Generally,each member may be allowed to participate in the management of the company
C) Members are not equally involved in the management of the company.
D) To obtain limited liability,owners must give up some of their rights to participate in management.
E) Owners are referred to as partners.
G) A) and B)
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