A) That the partnership ends without litigation and without a waiting period.
B) That the partnership ends because all partners have requested its end.
C) That the partnership ends because the purposes of the partnership have been satisfied.
D) That the partnership ends because a majority of the partnership has requested its end.
E) That the partnership ends because it has been wound up and liquidated.
G) None of the above
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A) A limited liability company is similar to a limited partnership insofar as the limited partner and the limited liability company member have limited liability dependent on the investment he or she makes.
B) A limited liability company is similar to a limited partnership in regards to receiving the tax breaks that are often afforded to those in a partnership.
C) In a limited liability company, each member gets a say in the management of the company, whereas in a limited partnership, only the general partners get to make management decisions.
D) Limited liability companies are a relatively new form of business.
E) The Uniform Limited Liability Company Act has been accepted by a majority of the states.
G) B) and D)
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A) That the exclusion of a partner from the partnership was grounds for automatic dissolution and that, on that basis, the partnership had been dissolved prior to the death of the partner at issue.
B) That the insolvency of one of the partners resulted in automatic dissolution of the partnership prior to the death of the partner at issue.
C) That the partnership was dissolved prior to the death of the partner at issue based upon lawsuits filed by third-party creditors.
D) That by agreement of the partners, the partnership had been dissolved prior to the death.
E) That the partnership had not been dissolved at the time of the death of the partner at issue.
G) A) and C)
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A) If a partner wishes to leave a partnership, he or she must give notice of his intention to do so at least six months before the end of the business year.
B) On receiving notification of a partner of his or her intent to leave the partnership, the other partners may begin placing bids for the purchase of the leaving partner's shares.
C) If remaining partners wish to continue the partnership after one leaves, that possibility must be provided for in the contract agreement to terminate the partnership.
D) If one partner leaves, the remaining partners may opt to fully dissolve the relationship.
E) All claims against the partnership are dismissed four years after termination.
G) All of the above
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A) Most states have adopted the 2001 version of the RULPA.
B) The RULPA was originally adopted in 1958.
C) The RULPA is static for the most part with few changes.
D) The RULPA has been replaced in most states with the Reviewed Uniform Limited Partnership Act.
E) Louisiana is the only state not to have adopted any version of the RULPA.
G) B) and E)
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The parties should not enter into a limi...View Answer
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A) Resolution
B) Dissolution
C) Resignation
D) Suspension
E) Transformation
G) A) and D)
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A) That the plaintiff's suit was timely because the statute of limitations on an action for an accounting as to a partnership does not begin to run until all property owned by the partnership is sold and that the statute of limitations, computed as of that point, is six years.
B) That the plaintiff's suit was timely because the statute of limitations on an action for an accounting as to a partnership does not begin to run until all property owned by the partnership is sold and that the statute of limitations, computed as of that point, is two years.
C) That the plaintiff's suit was timely because there is no statute of limitations on an accounting as to partnership property so long as one of the partners is living.
D) That the plaintiff's suit was untimely because the statute of limitations on an action for an accounting as to a partnership begins to run when the withdrawing partner ceases to be associated with the business resulting in dissolution and that the statute of limitations, computed at that point, is six years.
E) That the plaintiff's suit was untimely because the statute of limitations on an action for an accounting as to a partnership begins to run when the withdrawing partner ceases to be associated with the business resulting in dissolution and that the statute of limitations, computed at that point, is two years.
G) D) and E)
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B) False
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B) False
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A) Limited liability companies originated in Europe more than 500 years ago, around the same time as limited partnerships.
B) Limited liability companies originated in France more than 200 years ago.
C) Limited liability companies originated in U.S. more than 100 years ago.
D) Limited liability companies are a relatively new form of business organization.
E) Limited liability companies are the same thing as limited partnerships as far as regulatory rules are concerned.
G) B) and E)
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A) Wrongful termination
B) Untimely termination
C) Wrongful dissolution
D) Prohibited termination
E) Prohibited dissolution
G) None of the above
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A) Death of a partner results in dissolution of a partnership by operation of law.
B) A partnership engaging in an activity that suddenly becomes illegal results in dissolution of a partnership by operation of law.
C) A partner's engagement in any other business activity results in dissolution of a partnership through an act by a partner.
D) A partner withdrawing from the partnership at will results in dissolution through an act by a partner.
E) A partner withdrawing or being expelled pursuant to the partnership agreement results in dissolution through an act by a partner.
G) All of the above
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The formation of a limited partnership m...View Answer
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A) A partnership at will
B) An equitable partnership
C) An absolute partnership
D) A terminable partnership
E) An agency partnership
G) A) and B)
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A) All partners can demand that the partnership be wound-up but only the managing partner may participate in the wind-up.
B) The partners may continue the partnership upon majority vote.
C) If the partners unanimously agree, they can continue the business using the partnership's name.
D) Rightful dissolution is by act of a partner only.
E) Rightful dissolution is by act of court only.
G) A) and B)
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A) 5; 3
B) 5; 5
C) 1; 1
D) 2; 3
E) 2; 2
G) B) and D)
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A) Partnership; the firm
B) Interests; partnership
C) The firm; interests
D) The firm; partnership
E) Interests; the firm
G) A) and E)
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B) False
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A) They originated in the United States approximately 50 years ago.
B) They originated in Europe over 500 years ago.
C) They originated in England approximately 200 years ago.
D) They originated in the United States approximately 200 years ago.
E) They originated in Mexico approximately 50 years ago.
G) C) and D)
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