Exam 39: Partners Dissociation and Partnerships Dissolution and Winding up

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A & K Inc.obtains a charging order against Bob,a partner in Foter and Poter Partnership.Such an act will cause the partnership to dissociate.

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(True/False)

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Question 1

Correct Answer:

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False

Which of the following is an apparent authority during winding up?

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(Multiple Choice)

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Question 2

Correct Answer:

Verified

Xavier,Yellie,and Zelda are partners of Koral Associates.The term of the partnership is 5 years,but Zelda withdraws after 1 year because she no longer wished to continue.Discuss the nature and consequences of Zelda's dissociation.

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(Essay)

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Question 3

Correct Answer:

Verified

Zelda likely violated an express term of the partnership agreement without good cause.As such,Zelda wrongfully dissociated from the partnership.As a result of wrongful dissociation,Zelda is not entitled to demand wind up of the partnership.Xavier and Yellie may elect to continue to operate the partnership.Zelda is entitled to her share of the value of the partnership.However,Xavier and Yellie may seek a set off against Zelda's interest for any damages they incur for Zelda's breach of the agreement.

When the winding up partners disagree during the process:

(Multiple Choice)

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Question 4

Bob was a partner in F & B Co. ,a partnership.Bob dissociated himself from it on June 1,2000.On December 1,2000,F & B Co.entered into a contract with Carey.Under which of the following scenarios may Bob be held liable to Carey,even though he is no longer a partner?

(Multiple Choice)

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Question 5

Andrew,being a partner,has appointed a custodian for his property.Therefore,he has committed a wrongful dissociation.

(True/False)

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Question 6

Mr.Smith and Mr.Blue enter into a partnership at will in which each owns half of the business.Mr.Blue decides to leave the partnership.What should Mr.Blue be paid for leaving the business?

(Multiple Choice)

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Question 7

The Barrel & Wine partnership is being wound up and liquidated.Net assets are to be distributed according to which of the following order of priority?

(Multiple Choice)

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Question 8

If a disagreement among partners threatens the economic viability of the partnership,a court may order a ________.

(Multiple Choice)

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Question 9

A new partner to an LLP is liable only to the amount of capital invested in the business.

(True/False)

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Question 10

Which of the following is a consequence of wrongful dissociation?

(Multiple Choice)

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Question 11

The partnership rules of dissociation and dissolution apply to joint ventures.

(True/False)

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Question 12

Which of the following would be within a winding-up partner's implied authority to borrow money?

(Multiple Choice)

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Question 13

Carlita retires from Mortex Associates,a partnership.The business is continued by the remaining partners.What is Carlita's liability on debts incurred while she was a partner?

(Multiple Choice)

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Question 14

Termination of a partnership occurs automatically after:

(Multiple Choice)

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Question 15

Under the RUPA,when the dissociated partner has not wrongfully dissociated and there is no partnership agreement on the issue,he should be paid within 120 days after his written demand.

(True/False)

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Question 16

Poxabogue Associates,a partnership,is dissociated by the retirement of a partner.The business is continued by the remaining partners and a new partner,Enrica.What is Enrica's liability to creditors for partnership obligations that arose before she became a partner?

(Multiple Choice)

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Question 17

Abraham,who is a partner in Adona's firm,has been found guilty of the crime of tax evasion.His partners at the firm want to expel him from partnership but they are not ready to give up his interest in the partnership.Is Abraham entitled to his interest in the partnership?

(Essay)

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Question 18

Emmy,Shane,and Rusty are partners of the firm Esha Associates.Rusty nonwrongfully dissociates himself from the partnership.Under these circumstances,Rusty will not be liable to the creditors for the liabilities incurred while he was partner only:

(Multiple Choice)

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Question 19

Termination occurs after all partnership assets have been distributed.

(True/False)

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Question 20

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Exam 39: Partners Dissociation and Partnerships Dissolution and Winding up

A & K Inc.obtains a charging order against Bob,a partner in Foter and Poter Partnership.Such an act will cause the partnership to dissociate.

Which of the following is an apparent authority during winding up?

Xavier,Yellie,and Zelda are partners of Koral Associates.The term of the partnership is 5 years,but Zelda withdraws after 1 year because she no longer wished to continue.Discuss the nature and consequences of Zelda's dissociation.

When the winding up partners disagree during the process:

Bob was a partner in F & B Co. ,a partnership.Bob dissociated himself from it on June 1,2000.On December 1,2000,F & B Co.entered into a contract with Carey.Under which of the following scenarios may Bob be held liable to Carey,even though he is no longer a partner?

Andrew,being a partner,has appointed a custodian for his property.Therefore,he has committed a wrongful dissociation.

Mr.Smith and Mr.Blue enter into a partnership at will in which each owns half of the business.Mr.Blue decides to leave the partnership.What should Mr.Blue be paid for leaving the business?

The Barrel & Wine partnership is being wound up and liquidated.Net assets are to be distributed according to which of the following order of priority?

If a disagreement among partners threatens the economic viability of the partnership,a court may order a ________.

A new partner to an LLP is liable only to the amount of capital invested in the business.

Which of the following is a consequence of wrongful dissociation?

The partnership rules of dissociation and dissolution apply to joint ventures.

Which of the following would be within a winding-up partner's implied authority to borrow money?

Carlita retires from Mortex Associates,a partnership.The business is continued by the remaining partners.What is Carlita's liability on debts incurred while she was a partner?

Termination of a partnership occurs automatically after:

Under the RUPA,when the dissociated partner has not wrongfully dissociated and there is no partnership agreement on the issue,he should be paid within 120 days after his written demand.

Poxabogue Associates,a partnership,is dissociated by the retirement of a partner.The business is continued by the remaining partners and a new partner,Enrica.What is Enrica's liability to creditors for partnership obligations that arose before she became a partner?

Abraham,who is a partner in Adona's firm,has been found guilty of the crime of tax evasion.His partners at the firm want to expel him from partnership but they are not ready to give up his interest in the partnership.Is Abraham entitled to his interest in the partnership?

Emmy,Shane,and Rusty are partners of the firm Esha Associates.Rusty nonwrongfully dissociates himself from the partnership.Under these circumstances,Rusty will not be liable to the creditors for the liabilities incurred while he was partner only:

Termination occurs after all partnership assets have been distributed.

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