Thomas invests $10,000 in the Thomas and Trudy partnership named Tremendous Enterprise.Thomas needs $2,000 for medical expenses and insists that he is entitled to withdraw that amount immediately from what he has invested.Trudy asserts that the $10,000 investment is partnership property.Under the RUPA,who owns the $10,000?
A)Tremendous Enterprise
B)Thomas only
C)Thomas individually and Trudy individually
D)The $10,000 is owned by no one,but is merely a future interest of Thomas.

Question

Quizplus · Accepted Answer

Under the Revised Uniform Partnership Act (RUPA), once Thomas invests the $10,000 into the Tremendous Enterprise partnership, that money becomes partnership property. This means it is owned by the partnership itself, not by Thomas or Trudy individually.

Thomas Invests $10,000 in the Thomas and Trudy Partnership Named