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Exam 3: All Forms of Partnerships

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Question 31

Multiple Choice

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

A) ​express, but not implied.
B) ​implied, but not express.
C) ​oral, written, or implied by conduct.
D) ​written, but not oral or implied.

E) A) and B)
F) None of the above

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Question 32

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In a general partnership, the senior partner manages the partnership.

A) True
B) False

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Question 33

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Cherry Creek Development, LP, is a limited partnership that invests in residential real estate projects. Its limited partners include more than 150 sophisticated investors and investment professionals. A Cherry Creek limited partner loses his or her limited liability if he or she

Gas, LP, is a limited partnership to which its partners have contributed capital. Gas's creditors include Piping, Inc. On Gas's dissolution, its assets will be distributed to pay

Craig, Donna, and Eve do business as Fast-Track Career Consultants. Eve's relationship to Fast-Track ends, but the firm continues to do business. This is

Stefani and Tyler agree in an exchange of e-mail to form a partnership to buy and sell real property. Their partnership agreement is legally binding

Withdrawal from a partnership before the end of its express term constitutes a breach of the partnership agreement.

A sharing of profits from a business creates a presumption that a partnership exists.

Nell is considering forms of business organization for Optic Center, a medical eye clinic. An advantage of a limited liability partnership is that, depending on the applicable state statute, partners can avoid personal liability for

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

Fact Pattern 3-3 Bryn, Cornell, and Duke are general partners in Equity Lending, a consumer credit, mortgage, and investment firm. Their agreement states that it is a breach of the agreement for any partner to assign his or her interest to a creditor without the consent of the other partners. -Refer to Fact Pattern 3-3.The partners decide to dissolve Equity Lending. Duke collects and distributes the firm's assets. This results in

Gwen and Hugo do business as Gwen & Hugo Civil Engineers, a partnership. This firm is governed by the Uniform Partnership Act

Delany and Efron want to form a limited partnership to do general business bookkeeping with an emphasis on tax accounting. In most states, a limited partnership will be created when Delaney and Efron

Colin, Debby, and Erin agree to be partners in Fajita Pizza, splitting the profits equally. Colin contributes 65 percent of the capital. When Fajita Pizza is dissolved, its liabilities are greater than its assets. The losses are paid by

A partnership is forced to terminate every time a partner dissociates from the firm.

Ed, a partner in Farm Equipment Sales, applies for a loan with Growers Bank allegedly on Farm Equipment's behalf but without the authorization of the other partners. The bank knows that Ed is not authorized to take out the loan. Liability in the event of default will be imposed on

Under some circumstances a non-partner can be regarded as an agent whose acts are binding on the partnership.

Fresco and Garcia form a partnership-HVAC Pros. Garcia's capital contribution is $10,000, and Fresco's is $15,000. The partnership agreement provides that profits are to be shared, with 40 percent for Garcia and 60 percent for Fresco. Later, Garcia makes a $10,000 loan to the partnership when it needs working capital. When the partnership is dissolved, its assets are $50,000, and its debts are $8,000. How should the assets be distributed?

Sara and Terry agree while talking on the phone to form a partnership to enter into the business of real property management. To be enforceable under the Statute of Frauds, their agreement must

Unlike most agents, each partner in a partnership has an ownership interest in the business.