Exam 38: Operation of Partnerships and Related Forms

Helen and Casey are partners.Helen contributes capital of $20,000 to the partnership and Casey contributes $10,000.They agree that Helen will receive 60 percent of all profits and that Casey will receive 40 percent.They have not decided how to share losses.The partnership makes a loss of $7,000.What is Helen's share of the loss?

Under which of the following circumstances will Rita be held liable for the crime of her partner?

Express authority:

A partnership's liability for the torts of a partner committed within the ordinary course of partnership business or within the authority of that partner is:

A partnership will be bound by the legal admissions or representations of its partners.

In Fish v.Tex.Legislative Serv. ,P'Ship,the case in the text,why did the intermediate court reverse the trial court's judgment?

In a partnership,when a partner makes a secret profit through a business transaction,what is the remedy for such a breach?

Shawnequa is a partner of Cost Hydrohut LLP,an accounting limited liability partnership.One of Shawnequa's partners negligently audits a client,and a bank that relied on the client's audited financial statements suffers damages when the client fails to repay the loan.The bank sues Cost Hydrohut,but its assets are insufficient to pay the entire damages.Will the bank be able to collect the remaining damages from Shawnequa's personal assets?

Helen and Casey are partners.Helen contributes capital of $20,000 to the partnership and Casey contributes $10,000.They agree that Helen will receive 60 percent of all profits and that Casey will receive 40 percent.They have not decided how to share losses.The partnership makes a loss of $7,000.What is Casey's share of the loss?

Jim and Sarah establish a partnership business.Sarah ends up doing all the work related to the business even though they had agreed to split the labor.Jim may be in breach of his duty to what?