Exam 31: Operation and Dissolution of General Partnerships

Under the UPA, absent an agreement otherwise, upon dissolution, a partner is entitled to which of the following after payment of partnership creditors?

Shannon has just become a partner in A & R Accounting Partnership.Her capital contribution is $10,000, which she paid from her savings.Shannon:

David, a partner in the Speedy Delivery partnership, negligently drove his delivery truck onto the curb during a rush-hour package delivery.Marlene was injured.Against whom can Marlene collect?

Authority that a third person, in view of the circumstances, the conduct of the parties, and a lack of notice or knowledge to the contrary, may reasonably consider to exist is known as:

Under the UPA, which of the following liabilities of a partnership has the highest priority for payment out of partnership assets? Amounts owing to:

Define dissolution under the UPA and discuss its three causes.

Jacob dissociates from the Applegate Partnership, which continues to operate.Discuss Jacob's authority to act for the partnership after his dissociation and his possible liability under the RUPA to the partnership or third parties for transactions entered on behalf of the partnership.

Under the UPA, submission of a partnership claim to arbitration requires the consent of all the partners.

Aileen, Jamie, and Delmer are partners in a florist shop.If Delmer engages in conduct that makes it not reasonably practicable to carry on the business, the partnership is dissolved by operation of law.

If a partner has paid more than his share of partnership losses, he has a right of contribution against the partners who have not paid their share.

Carolee, Joanna, and Ellen form Capital City Partnership.Carolee contributes expertise; Joanna, $15,000; and Ellen, $20,000.After a year, Joanna adds $12,000 as a loan.Ten years later, Capital owes $44,000 to creditors, total assets are $112,000, and the partners decide to dissolve the business.How will the assets be distributed under the UPA, and what will each partner receive?

Partners are required to participate in winding up the partnership.

Under the RUPA, a partner's dissociation in a term partnership is wrongful if before expiration of the term:

Which of the following describes the imposing of partnership duties and liabilities upon a person who is not a partner in an existing partnership by reason of his consenting to representation that he is a partner?

Notification to one partner of any matter relating to partnership affairs is effective immediately as notice to the partnership.

Dissociation refers to those situations in which the RUPA requires a partnership to wind up and terminate.

__________ is available to a third person to whom a representation is made and who justifiably relies on the representation.

A partner has the power to dissociate at any time by expressing the intent to withdraw.

David, Ed, and Fred are partners in the DEF partnership.The partnership is being dissolved, having $200,000 in assets and owing $410,000 to creditors.David contributed $100,000 in capital; Ed contributed $50,000 in capital; and Fred contributed $25,000 in capital.Profits are shared equally.Which of the following is correct with regard to the responsibility of each partner?

Any partner by himself has the power to dissolve a term partnership by giving notice to the other partners.