Exam 31: Operation and Dissolution of General Partnerships

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

(True/False)

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Question 61

The UPA marshaling of assets doctrine is abolished by the RUPA.

(True/False)

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Question 62

If the general partnership is bound by a contract,then each individual general partner has unlimited personal liability for that obligation.

(True/False)

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Question 63

Upon dissolution,a partner still has authority to complete existing contracts.

(True/False)

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Question 64

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

(Multiple Choice)

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Question 65

The RUPA requires a central filing of a statement of partnership authority specifying the names of partners authorized to execute instruments transferring real property held in the name of the partnership.

(True/False)

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Question 66

Austin withdraws from a partnership and the remaining three partners decide to continue in business.Discuss the effect of the withdrawal on the partnership and on creditors rights under the UPA.

(Essay)

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Question 67

A partner has implied authority to hire and fire employees whose services are necessary to carry on the partnership business.

(True/False)

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Question 68

Showing 61 - 68 of 68

Exam 31: Operation and Dissolution of General Partnerships

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

The UPA marshaling of assets doctrine is abolished by the RUPA.

If the general partnership is bound by a contract,then each individual general partner has unlimited personal liability for that obligation.

Upon dissolution,a partner still has authority to complete existing contracts.

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

The RUPA requires a central filing of a statement of partnership authority specifying the names of partners authorized to execute instruments transferring real property held in the name of the partnership.

Austin withdraws from a partnership and the remaining three partners decide to continue in business.Discuss the effect of the withdrawal on the partnership and on creditors rights under the UPA.

A partner has implied authority to hire and fire employees whose services are necessary to carry on the partnership business.

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