Dynamic Business Law

Business

Quiz 36 :
Partnerships: Nature, Formation, and Operation

Quiz 36 :
Partnerships: Nature, Formation, and Operation

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No partnership is created based upon an employer sharing profits with an employee as payment for work.
Free
True False
Answer:

Answer:

True
Explanation: When an employer shares profits with an employee as payment for work, or when a landlord accepts shares of profits for payment of rent, there is no partnership.

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Title to property may not be put in the name of a partnership.
Free
True False
Answer:

Answer:

False
Explanation: The partnership may hold title to property.

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Every partner is considered to be an agent of the partnership.
Free
True False
Answer:

Answer:

True
Explanation: Every partner is considered an agent of the partnership.

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Partnership by estoppel is not recognized pursuant to federal law.
True False
Answer:
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A partner who refuses to obey the articles of partnership may be held liable for any losses that the partnership incurs.
True False
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Unless otherwise stated in the partnership agreement,even if one partner has an unusually large proportion of management duties,each partner will have one vote in determining how the partnership is managed.
True False
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Joint and several liability means that partners must be sued jointly.
True False
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If a partner has authority to act and the partnership is bound by the act,each partner has unlimited personal liability for the obligation.
True False
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The implied authority of partners is determined by the partnership agreement.
True False
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If one partner pays an entire judgment for a tort for which the partnership is liable,other partners have no legal obligation to indemnify that partner.
True False
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If no partnership agreement exists,which of the following generally establishes the rules for the partnership?
Multiple Choice
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Which of the following is an association of two or more persons to carry on as co-owners a business for profit?
Multiple Choice
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How many actual people (not persons as defined by the Uniform Partnership Act)are required in order to have a partnership under the Uniform Partnership Act?
Multiple Choice
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Which of the following may be a "person" under the Uniform Partnership Act?
Multiple Choice
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Which of the following was in Leoff v.S&J Land Co.,the case in the text involving a land dispute and whether a partnership existed?
Multiple Choice
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In relation to partnerships between local and multinational companies,what is meant by the term "keiretsu"?
Multiple Choice
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Which of the following was the result in Colette Bohatch v.Butler & Binion,the case presenting the question of whether the fiduciary relationship between law partners gives rise to a duty not to expel a partner who reports suspected overbilling by another partner?
Multiple Choice
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In regard to developing countries which of the following is not true regarding offshore partnerships?
Multiple Choice
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Which of the following is false regarding the treatment of a partnership as a legal entity?
Multiple Choice
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What is a written agreement that creates a partnership called?
Multiple Choice
Answer:
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