Exam 39: Partners Dissociation and Partnerships Dissolution and Winding up

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?

Anthony,a partner of a partnership firm,was convicted for rash driving.Following this,all other partners dissociated him from the partnership,as per the terms of the agreement.This is an example of _____ dissociation.

An individual who leaves a partnership by nonwrongful dissociation is entitled to receive their value of the partnership.

Which of the following is true about a wrongfully dissociated partner?

Which of the following is a wrongful dissociation?

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.

Ace Software Co.signed a deal with Gill Associates,a partnership,and has extended credit to it.Paul,a partner in Gill associates,retires but his partners continue the business.In order to release Paul from the debt owned to Ace,which of the following must occur?

Which of the following is true about buyout of nonwrongfully dissociated partners?

If a partner fails to contribute the amount equal to her negative capital account balance,then it can be recovered:

A partner has the power to dissociate a partnership at will at any time.

To avoid winding up:

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.

Hagus was a partner at Ace-Star General partnership.The partnership agreement stated that all partners would continue as partners until the year 2010.However,in 2006,Hagus was offered another business opportunity that was more attractive than remaining a partner with Ace-Star.Following this,he dissociated himself from Ace-Star.Which of the following is true with regard to this situation?

Which of the following is true about charging a partner's capital account during distribution?

Which of the following is true about dissociation?

Partners who wind up the business of a dissociated partnership have implied authority to sell all the assets of the partnership.

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?

Mark is a partner in Harbin Associates,a partnership.The term of the partnership agreement is one year and includes a clause on buyouts.After the term expires,Mark decides to dissociate while the remaining partners wish to continue.Under the RUPA:

Termination of a partnership occurs automatically after:

Which of the following is true about dissolution and winding up the partnership?