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Exam 27: All Forms of Partnership

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Question 41

True/False

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In a general partnership, all partners have equal rights in managing the partnership.

A) True
B) False

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verified

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Question 42

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A partnership ends if one partner dissociates from the firm.

A) True
B) False

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Question 43

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Fact Pattern 27-1 Brad, Carlos, and Dora are general partners in Eastside Physicians, a medical clinic. -Refer to Fact Pattern 27-1. The partners decide to dissolve Eastside. Dora collects and distributes the firm's assets. This results in

Connie, Drew, and Ellen are the general partners of Foreign Auto Repair, a limited partnership. Connie dies. The partnership can

A partner is a co-owner of partnership property.

Venture Capital, LP, is a limited partnership. Its limited partners include more than 150 sophisticated investors and investment professionals. A Venture limited partner loses his or her limited liability if he or she

Sally and Tom decide to go into business, selling discounted merchandise through their Web site "e-Buy." They sign a partnership agreement that requires Sally to contribute $12,000 and Tom to contribute $8,000 in capital to start the firm. The agreement also states that only Sally will have the authority to bind the partnership in deals with third parties, but the agreement says nothing about the management of the firm or a division of profits. Without Sally's knowledge, Tom tells United Computer Products, Inc., that he represents the firm and signs a contract with United to buy hard drives for resale on e-Buy. In the first year, e-Buy makes a profit of $50,000. What are the partners' rights with respect to the management of the firm? Is the partnership bound to the contract with United? Do the partners split the first year's profits? If so, how much is each entitled to?

Fay is admitted to Global Associates, an existing partnership. A partnership debt incurred before the date of her admission comes due. Fay is

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

Any event that makes its unlawful for a partnership to continue its business will result in dissolution.

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

A partner always has the power and the right to dissociate from the partnership.