Question 1

A partner's devoting time,energy,and skill to partnership business is a compensable service.

Accepted Answer

A) True 
 B)False

Question 2

Orlando is a limited partner in Port of Call Exports,a limited partnership. By participating in the firm's management,Orlando is liable for its obligations

Accepted Answer

A) in proportion to the number of partners in the firm. 
B) to no extent. 
C) to the extent of his capital contribution to the firm. 
D) to the full extent. 
A) in proportion to the number of partners in the firm. 
B) to no extent. 
C) to the extent of his capital contribution to the firm. 
D) to the full extent.

Question 3

Most states treat a partnership as an aggregate for most purposes.

Accepted Answer

A) True 
 B)False

Question 4

Limits on a partner's authority normally are effective only with respect to third parties who are notified of the limitation.

Accepted Answer

A) True 
 B)False

Question 5

In a limited partnership,no partner has full responsibility for the partnership and for all its debts.

Accepted Answer

A) True 
 B)False

Question 6

A partner's profit from a partnership is taxed as income to the firm.

Accepted Answer

A) True 
 B)False

Question 7

Generally,each state limits the liability of partners in a limited liability partnership in some way.

Accepted Answer

A) True 
 B)False

Question 8

Ralph and Simone do business as Tech Troubleshooters,a partnership. In most states,for the purposes of collecting judgments and having accounting performed,Tech Troubleshooters would be treated as

Accepted Answer

A) an aggregate of individuals. 
B) a person. 
C) an entity. 
D) a non-entity. 
A) an aggregate of individuals. 
B) a person. 
C) an entity. 
D) a non-entity.

Question 9

In a general partnership,the senior partner manages the partnership.

Accepted Answer

A) True 
 B)False

Question 10

Gwen and Hugo do business as Gwen & Hugo Civil Engineers,a partnership. This firm is governed by the Uniform Partnership Act

Accepted Answer

A) in the absence of an express agreement. 
B) in the absence of an implied agreement. 
C) only under an express agreement. 
D) under all circumstances. 
A) in the absence of an express agreement. 
B) in the absence of an implied agreement. 
C) only under an express agreement. 
D) under all circumstances.

Question 11

Natural Gas,LP,is a limited partnership to which its partners have contributed capital. Natural Gas's creditors include Precision Piping,Inc. On Natural Gas's dissolution,its assets will be distributed to pay

Accepted Answer

A) the partners and Precision Piping proportionately. 
B) the partners before Precision Piping. 
C) Precision Piping before the partners. 
D) none of the choices. 
A) the partners and Precision Piping proportionately. 
B) the partners before Precision Piping. 
C) Precision Piping before the partners. 
D) none of the choices.

Question 12

On a partner's dissociation,his or her right to participate in the management and conduct of the business terminates.

Accepted Answer

A) True 
 B)False

Exam 31: All Forms of Partnership

A partner's devoting time,energy,and skill to partnership business is a compensable service.

Orlando is a limited partner in Port of Call Exports,a limited partnership. By participating in the firm's management,Orlando is liable for its obligations

Most states treat a partnership as an aggregate for most purposes.

Limits on a partner's authority normally are effective only with respect to third parties who are notified of the limitation.

In a limited partnership,no partner has full responsibility for the partnership and for all its debts.

A partner's profit from a partnership is taxed as income to the firm.

Generally,each state limits the liability of partners in a limited liability partnership in some way.

Ralph and Simone do business as Tech Troubleshooters,a partnership. In most states,for the purposes of collecting judgments and having accounting performed,Tech Troubleshooters would be treated as

In a general partnership,the senior partner manages the partnership.

Gwen and Hugo do business as Gwen & Hugo Civil Engineers,a partnership. This firm is governed by the Uniform Partnership Act

Natural Gas,LP,is a limited partnership to which its partners have contributed capital. Natural Gas's creditors include Precision Piping,Inc. On Natural Gas's dissolution,its assets will be distributed to pay

On a partner's dissociation,his or her right to participate in the management and conduct of the business terminates.

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