Exam 32: All Forms of Partnership

Cody is a partner in Delta Accounting Service. Cody can inspect

In a limited partnership, a limited partner is liable for all partnership debts.

In a limited liability partnership, a partner can be exempt from personal liability for the malpractice of other partners.

Mabel and Nicol do business as One World Realty. In acting on the firm's behalf in a deal with Property Acquisition Company, Mabel fails to account for the profit. To her firm, Mabel is

Energy Unlimited, LP, is a limited partnership to which its partners, in?cluding Fink, have contributed capital. Energy's creditors include Graves Engineering, Inc. On Energy's dissolution, its assets will be distributed to pay

Fact Pattern 32-1 Brad, Carlos, and Dora are general partners in Eastside Physicians, a medical clinic. -Refer to Fact Pattern 32-1. Brad's dissociation from the firm results in

Jim and Kyle are partners in J&K Sales, which exports technical equip?ment under a three-year partnership agreement. The U.S. gov?ernment declares that the equipment can no longer be ex?ported. J&K

Bo and Clancy decide to do business as Marketing & Promotion Services. To be a partnership, this association can result from an agreement that is

Tundi is a partner in YooHoo! Amusement, a new partnership. A YooHoo! debt comes due. Tundi is

A partner is a co-owner of partnership property.

In a general partnership, the partners are personally liable for the debts of the partnership.

Newt is considering forms of business organization for Newton Design, an ar?chitectural firm. An advantage of a limited liability partnership is that partners can avoid personal liability for

A partner owes to the partnership and the other partners a duty of care.

Each partner is deemed to be an agent of the other partners and of the partnerships.

Ben, who runs a livestock breeding business, owes the Circle C Ranch $40,000. Ben agrees to pay the Circle C a percentage of his profits each month until the debt is paid. Because of this agreement, the Circle C is

Property acquired by the partnership is the property of the partners individually.

An assignment of the interest of a limited partner dissolves a limited partnership.

Clu, Dolf, and Elton do business as Fertile Valley Farm. Clu's relationship to the firm ends, but it continues to do business. This is

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

In a limited partnership, a limited partner has full responsibility for the partnership and for all its debts.