Exam 30: Formation and Internal Relations of General Partnerships

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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.

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(True/False)

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Question 1

Correct Answer:

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True

In the case of Thomas v. Lloyd , the court held:

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(Multiple Choice)

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Question 2

Correct Answer:

Verified

What are the ways the RUPA recognizes a partnership as an entity?

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(Essay)

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Question 3

Correct Answer:

Verified

The RUPA recognizes a partnership as an entity legally distinct from its members in several ways. They include:
a. The assets of the firm are treated as those of the business and are considered to be distinct from the individual assets of the members:
b. A partner is accountable as a fiduciary to the partnership;
c. Every partner is considered an agent of the partnership; and
d. A partnership may sue and be sued in the name of the partnership.

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

(Multiple Choice)

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Question 4

Sue, Barb, and Carlotta agree to put in $1,000 each to set up a shelter for lost animals. They each work two days a week. Donations fund the day-to-day operations. Do they have a partnership?

(Multiple Choice)

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Question 5

Under the RUPA, a partner is a co-owner of partnership property.

(True/False)

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Question 6

Under the common law, a partnership was generally considered to be an aggregate of individuals rather than a legal entity .

(True/False)

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Question 7

Which of the following is NOT an advantage of a partnership?

(Multiple Choice)

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Question 8

The RUPA treats a partnership as a legal entity in which one of the following respects?

(Multiple Choice)

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Question 9

Bert and Philip have decided to form a partnership to operate a lawn care service. Discuss whether they should name the business and, if so, what considerations affect the name they might choose.

(Essay)

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Question 10

Assignment of a partner's interest will cause dissolution.

(True/False)

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Question 11

Some states allow the formation of partnerships in which all partners have limited liability.

(True/False)

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Question 12

In the case of In Re KeyTronics , the court held that:

(Multiple Choice)

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Question 13

A judicial lien against a partner's transferable interest in a partnership is known as:

(Multiple Choice)

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Question 14

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.

(True/False)

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Question 15

Afterburn Corporation and the Mangus Trust can be partners in a partnership if they carry on as co-owners a business for profit.

(True/False)

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Question 16

Compare "partnership property" with a "partner's interest." Consider such factors as the definition, the possession, the assignability, how attachment occurs, and the inheritability of each.

(Essay)

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Question 17

Former partners, as well as current partners, have some rights to access partnership books and records.

(True/False)

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Question 18

The law establishes a test for determining whether a partnership has been formed. The test includes which of the following?

(Multiple Choice)

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Question 19

A partner's transferable interest is subject to the claims of that partner's creditors who may obtain a judicial lien known as a(n) __________ against the partner's transferable interest.

(Multiple Choice)

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Question 20

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Exam 30: Formation and Internal Relations of General Partnerships

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.

In the case of Thomas v. Lloyd , the court held:

What are the ways the RUPA recognizes a partnership as an entity?

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

Sue, Barb, and Carlotta agree to put in $1,000 each to set up a shelter for lost animals. They each work two days a week. Donations fund the day-to-day operations. Do they have a partnership?

Under the RUPA, a partner is a co-owner of partnership property.

Under the common law, a partnership was generally considered to be an aggregate of individuals rather than a legal entity .

Which of the following is NOT an advantage of a partnership?

The RUPA treats a partnership as a legal entity in which one of the following respects?

Bert and Philip have decided to form a partnership to operate a lawn care service. Discuss whether they should name the business and, if so, what considerations affect the name they might choose.

Assignment of a partner's interest will cause dissolution.

Some states allow the formation of partnerships in which all partners have limited liability.

In the case of In Re KeyTronics , the court held that:

A judicial lien against a partner's transferable interest in a partnership is known as:

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.

Afterburn Corporation and the Mangus Trust can be partners in a partnership if they carry on as co-owners a business for profit.

Compare "partnership property" with a "partner's interest." Consider such factors as the definition, the possession, the assignability, how attachment occurs, and the inheritability of each.

Former partners, as well as current partners, have some rights to access partnership books and records.

The law establishes a test for determining whether a partnership has been formed. The test includes which of the following?

A partner's transferable interest is subject to the claims of that partner's creditors who may obtain a judicial lien known as a(n) __________ against the partner's transferable interest.

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