Exam 30: Formation and Internal Relations of General Partnerships

Because the statute of frauds does not apply expressly to a contract for the formation of a partnership, usually no writing is required to create the relationship.

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.

Whether an individual partner or the partnership owns certain property determines who gets it upon dissolution of the partnership and who shares in income from it.

A partner has all but which of the following duties?

Owners of interests in businesses with unlimited liability place their entire estate at risk.

Co-ownership of the means or instrumentality of accomplishing a single business transaction or a limited series of transactions ordinarily results in a:

Miller and Baker formed a partnership and purchased a cycle shop. The name of the new business cannot be "Miller Cycle Shop" because the name of the partnership must include the names of both partners if it includes the name of one partner.

Each partner, unless otherwise agreed, has equal rights in the management and conduct of the business of a general or a limited partnership.

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

Corporations today outnumber unincorporated business associations plus sole proprietorships.

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

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

Which of the following would be the most convincing evidence of a partnership?

A business form devised to avoid the burdens of corporate regulation, particularly the formerly widespread prohibition denying corporations the power to own and deal in real estate, and used primarily for asset securitization ventures is the:

The UPA treats a partnership as a legal entity for all purposes.

Under the RUPA, a partner violates the duty of loyalty if the conduct furthers the partner's own interest.

"Partnership property" is the sum of the partnership's assets, including all property acquired by a partnership.

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

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

Which of the following is the correct definition for a partnership?