A) A partner has a right to copy partnership records.
B) A partner does not have a right to copy any partnership records.
C) A partner only has a right to copy partnership records that are not marked "confidential."
D) A partner only has a right to copy partnership records that are not marked "confidential" and that are not being used in litigation.
E) A partner only has a right to copy partnership records that directly impact that partner's right to profits.
G) A) and B)
Correct Answer
verified
Correct Answer
verified
A) Losses would be allocated first based on a judicial determination as to whether losses should be allocated to a partner because of poor decisions, and, if not, then equally.
B) Losses would be allocated in proportion to the amount of work done in the business, with a partner who contributed more work being allocated less in the way of losses.
C) Losses would be allocated in proportion to the right to share in management.
D) Losses would be allocated equally.
E) Losses would be allocated in proportion to the capital contribution, with partners who contributed more capital being allocated less in the way of losses.
G) A) and E)
Correct Answer
verified
Correct Answer
verified
B) False
Correct Answer
verified
Correct Answer
verified
A) The duty of care is not involved in the law of partnership.
B) The duty of care is owed by each partner to the partnership itself, but partners do not owe a duty of care among themselves.
C) Partners owe a duty of care among themselves, but only in regard to transactions involving over $5,000.
D) While partners owe a duty of care to each other, a partner who makes an honest mistake in fulfilling responsibilities to the partnership will not be held liable for the mistake.
E) Partners owe a duty of care to each other, and a partner is liable to other partners on a strict liability basis for any mistakes or errors made.
G) A) and E)
Correct Answer
verified
Correct Answer
verified
A) None
B) At least one
C) Ten or more
D) More than two and less than 75
E) Two or more and less than 100
G) A) and C)
Correct Answer
verified
Correct Answer
verified
B) False
Correct Answer
verified
Correct Answer
verified
A) He is not entitled to any compensation unless the articles of partnership specifically gave him that right.
B) He is not entitled to any compensation unless credible proof exists that Elaine acknowledged prior to her death that expenses in eventually closing down the business should be compensated.
C) He is entitled to compensation for the work only if he can establish that all outstanding debts of the mortuary have been paid.
D) He is entitled to compensation for the work only if the executor agreed that it needed to be done.
E) He is entitled to compensation for the work.
G) A) and E)
Correct Answer
verified
Correct Answer
verified
A) They combine the strengths of firms that operate in developing countries and firms that operate in countries that are foreign to the developing countries.
B) Firms in developing countries use offshore partnerships to gain international exposure.
C) Firms in developing countries use offshore partnerships to gain technological competence.
D) Foreign firms use offshore partnerships to gain the opportunity to enter developing markets.
E) Offshore partnerships are rarely used for workers because workers from offshore partnerships tend to be highly priced.
G) A) and C)
Correct Answer
verified
Correct Answer
verified
A) A partner has no right to an interest in the partnership.
B) The right is composed only of the partner's share of profits.
C) The right is composed only of the partner's right to return of capital contributed by the partner.
D) The right is composed only of the partner's right to return of capital contributed by the partner and any wages due.
E) The right is composed of a combination of the partner's share of the profits and a return of capital contributed by the partner.
G) B) and D)
Correct Answer
verified
Correct Answer
verified
A) That prohibiting expulsion of a partner who reports suspected overbilling is necessary to encourage compliance with rules of professional conduct.
B) That expelling a partner who reports suspected overbilling by another partner is not a tort even if the reporting partner had an ethical duty to report the violation.
C) That only if it is judicially determined that overbilling by a partner indeed occurred is a partnership prohibited from expelling a partner who reported the overbilling.
D) That expelling a partner who reports suspected overbilling by another partner is not a tort even if the reporting partner had an ethical duty to report the violation but that the reporting partner must be given at least 30 days prior to the expulsion.
E) That expelling a partner who reports suspected overbilling by another partner is not a tort even if the reporting partner had an ethical duty to report the violation but that the reporting partner must be given at least 6 months prior to the expulsion.
G) A) and C)
Correct Answer
verified
Correct Answer
verified
A) Yes, because all rights passed to him at the time of her death.
B) He is correct only if Elaine's will was silent on the matter.
C) He is correct only if he, not Elaine, was the managing partner.
D) He is incorrect because he had a duty to account to Elaine's estate for the value of Elaine's interest in specific property.
E) He is incorrect because he had a duty to give the executor half the caskets, etc. on hand when Elaine died as well as half of all accounts due.
G) A) and B)
Correct Answer
verified
Correct Answer
verified
A) All partners have common liability.
B) All partners have joint and several liability.
C) All partners are liable in accordance with the percentages used for the allocation of profits.
D) All partners are liable in accordance with the percentages used for the allocation of losses.
E) All partners are liable in accordance with the percentage of their capital contributions.
G) B) and E)
Correct Answer
verified
Correct Answer
verified
A) A partner who makes an honest mistake in fulfilling his or her responsibilities to the partnership is not held personally liable for the mistake.
B) A partner who makes an honest mistake in fulfilling his or her responsibilities to the partnership is held personally liable for the mistake, but only to the extent of his or her capital contribution.
C) A partner who makes an honest mistake in fulfilling his or her responsibilities to the partnership is held personally liable for the mistake, but only to the extent that he or she shares in profits.
D) A partner who makes an honest mistake in fulfilling his or her responsibilities to the partnership is held personally liable for the mistake, but only to the extent that he or she shares in losses.
E) A partner who makes an honest mistake in fulfilling his or her responsibilities to the partnership is held fully personally liable for the mistake.
G) B) and D)
Correct Answer
verified
Correct Answer
verified
A) Partnership by common
B) Partnership by assumption
C) Partnership by estoppel
D) Partnership by equity
E) Partnership by arrangement
G) A) and B)
Correct Answer
verified
Correct Answer
verified
A) Distribution of profits is suspended until the partners amend the articles of partnership to address the distribution of profits.
B) Partners share in profits in proportion to the amount of capital contributed to the partnership.
C) Partners share in profits in proportion to the amount of work done for the partnership.
D) Partners share in profits in proportion to their seniority with the partnership with partners of equal seniority sharing equally in profits.
E) All partners have a right to share profits equally.
G) B) and C)
Correct Answer
verified
Correct Answer
verified
A) He is correct.
B) Based upon equitable principles he may be correct, but only if he can establish that the other partners wrongfully refused to do their share of the work.
C) He is incorrect.
D) He is incorrect unless he can establish that he honestly did not know the law in regard to partnerships and did the extra work believing that he would be compensated.
E) He is incorrect unless he can establish that he did at least 30% more work than any other partner.
G) A) and E)
Correct Answer
verified
Correct Answer
verified
A) Yes because partners are always entitled to an accounting.
B) Only if he can establish that one of the other partners failed to disclose a profit or benefit earned from the partnership.
C) If he can establish that a review would be just and reasonable.
D) No, because he had not been appointed the managing partner.
E) Only if he can prove probably that one of the partners committed fraud against the partnership.
G) B) and D)
Correct Answer
verified
Correct Answer
verified
B) False
Correct Answer
verified
Correct Answer
verified
B) False
Correct Answer
verified
Correct Answer
verified
A) Partners have the right to participate equally in management, the right to share equally in profits, the obligation to share equally in losses, and the right to additional compensation for devoting time to the business.
B) The right to participate in management according to the level of capital contribution, the right to share in profits according to the level of capital contribution, the obligation to share in losses according to the level of capital contribution, and the right to additional compensation for devoting time to the business.
C) The right to participate in management according to the level of capital contribution, the right to share equally in profits, the obligation to share equally in losses, and the right to additional compensation for devoting time to the business.
D) The right to participate equally in management, the right to share in profits according to the level of capital contribution, the obligation to share in losses according to the level of capital contribution, but no right to additional compensation for devoting time to the business.
E) The right to participate equally in management, the right to share equally in profits, the right to share equally in losses, but no right to additional compensation for devoting time to the business.
G) A) and C)
Correct Answer
verified
Correct Answer
verified
Showing 21 - 40 of 65
Related Exams