Exam 31: Operation and Dissolution of General Partnerships

A person admitted into an existing partnership is personally liable for all of the obligations of the partnership arising before his admission.

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, upon termination of a firm, each partner is entitled to the return of his capital after partnership creditors have been paid.

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

Actual authority terminates upon:

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

A partner has implied authority to:

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

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