The Limited Liability Partnership Self-Quiz
| Elvin and Andy sign a five-year
partnership agreement. At the end of the fifth year, they decide to continue
working together. This partnership is terminable:
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| Roscoe is forced to sell
his partnership interest in a general partnership to pay his largest creditor.
The transfer of his partnership interest will:
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| Four people are general partners
in a medical practice. One partner dies three years after the formation
of the partnership. The partnership
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| Hans, Erwin, and Webster
are partners in a computer company. Webster decides to leave the partnership.
Hans signs a contract prior to the decision. The contract is binding on
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| Sherry and Mike are partners
- Mike contributing 75% of the capital - profits being split equally.
When the partnership becomes unprofitable they dissolve it. The partnerships’
liability are greater than its assets, and Sherry pays them off. Sherry
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| Vera and William are partners
and BankOne is the firm’s creditor. Ace Mortgage is William’s
personal creditor. On the firm’s dissolution, who has priority over
the firm’s assets?
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| Wally and Theodore are limited
partners in a limited partnership. To avoid personal liability for partnership
obligations, they must not
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| A limited partnership must
have at least:
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| In most states, a limited
partnership will be created at the time:
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| Limited partners are entitled
to:
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