Partnerships-Module 2 of 5

Question 1

In the absence of a partnership agreement that provides otherwise, under UPA, if one partner leaves the partnership, it must terminate. Under RUPA, if one partner leaves, the partnership _____________.

Question 2

Which of the following is not a recognized partnership classification?

Question 3

Which of the following will the partnership agreement address?

Question 4

True or False: An attorney MUST draft and review a partnership agreement.

Question 5

Partnerships are subject to flow-through taxation, which means that _____________.

Question 6

Jerry and Tom’s partnership files for bankruptcy. Which of the following debts is first in priority?

Question 7

In a limited partnership, the limited partner isn’t liable to creditors for partnership debts, but he foregoes his right______________.

Question 8

What is the document that a partnership must file with a state to gain limited liability partnership status?

Question 9

What is the primary difference between a limited partnership and a limited liability partnership?

Question 10

Which of the following is a component of a partner’s fiduciary duty of loyalty?