A) A creditor may do so only after giving all partners at least 90 days advance notice.
B) A creditor may do so only after giving all partners at least 60 days advance notice.
C) A creditor may do so only after giving all partners at least 30 days advance notice.
D) A creditor may seize specific items of partnership property only if the items are located in the office of the creditor involved.
E) A creditor may not seize specific items of partnership property.
G) B) and C)
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B) False
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False
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A) All partners have a right to participate equally in the management of the partnership.
B) Partners share in management in proportion to the amount of capital contributed to the partnership.
C) Partners share in management in proportion to the amount of work done for the partnership.
D) Partners share in management in proportion to their seniority with the partnership with partners of equal seniority sharing equally in management.
E) Rights to management are suspended until the partners amend the articles of partnership to address management rights.
G) B) and C)
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A) If a partnership is liable, each partner has unlimited personal liability.
B) If a partnership is liable, each partner only has personal liability in proportion to the number of partnership members.
C) If a partnership is liable, each partner only has personal liability in proportion to the way in which profits are allocated.
D) If a partnership is liable, each partner only has personal liability in proportion to the way in which losses are allocated.
E) Partners do not have personal liability for obligations of a partnership when the partnership itself is liable.
G) A) and C)
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A) Yes, she breached her fiduciary duty to the other partners.
B) Yes, she breached her duty of integrity to the other parties.
C) Yes, but only if the other partners can show that she made more income through doing the work on her own than she would have made if she had done the work through the partnership.
D) No, but only because she held two-thirds of the voting rights and could approve the work herself.
E) No, she did not breach any duty.
G) C) and D)
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A) She is correct.
B) She is correct but only because three or fewer members are involved.
C) She is incorrect but only because fewer than five members are involved.
D) She is correct only if all partners are considered sophisticated investors.
E) She is incorrect only if none of the partners have experience with the partnership form of business.
G) C) and D)
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A) A type of offshore partnership in which the strengths of outside firms is combined with those of firms in developing countries.
B) A type of industrial district in which an attempt is made to encourage foreign investment.
C) A group of businesses in which each individual business has a stake in the others.
D) A partnership with one local and one multinational company in an information and communication technology project.
E) An agreement between a local and a multinational company to equally share in profits and losses.
G) B) and C)
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A) Fiduciary duties recognized between partners in Japan is very similar to the fiduciary duties recognized in the U.S.
B) Japanese law does not recognize any fiduciary duty between partners.
C) Japanese law recognizes a fiduciary duty of obedience and loyalty between partners only if it is expressed by contractual agreement.
D) The Japanese application of obedience and loyalty in partnerships far exceeds that of the U.S.
E) The Japanese recognize a duty of loyalty between partners, which is strictly construed, but not a duty of obedience.
G) A) and B)
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A) Tenants in property
B) Joint tenants
C) Tenants in the entirety
D) Common tenants
E) Partnership tenants
G) B) and E)
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B) False
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A) Individuals only
B) Partnerships and individuals
C) Partnerships, individuals, and corporations
D) Partnerships, individuals, corporations, and other associations
E) Corporations only
G) B) and E)
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A) In a safety deposit box at the bank used by the partnership.
B) At the home of the managing partner.
C) At the location of the partnership's principal business office.
D) At the location of the partnership's first business office.
E) At the location of the partnership's latest business office.
G) B) and C)
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A) The Federal Partnership Act
B) The Uniform Partnership Act
C) The Statutory Joint Act
D) The Partnership Unification Act
E) The Partnership Governance Act
G) B) and E)
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A) That the plaintiffs could recover from all partners individually based on a judgment against the partnership.
B) That the plaintiffs could recover from all partners individually because, while the judgment was only against the partnership, all partners were sued individually and served with a copy of the complaint.
C) That the plaintiffs could recover from all partners individually because, regardless of whether all partners were served, the managing partner was sued and served with a copy of the complaint.
D) That the plaintiffs could not recover from all partners individually because under partnership law, partners are not individually liable for debts of the partnership.
E) That the plaintiffs could not recover from the individual partners because based on the lack of suit and judgment against them, they lacked notice that they were to be held individually liable.
G) C) and D)
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A) Contract of partnership
B) Contract of agreement
C) Partnership articles
D) Articles of partnership
E) Clauses of partnership agreement
G) A) and C)
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B) False
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B) False
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A) There is some disagreement between the Uniform Partnership Act and the Revised Uniform Partnership Act about the rules of partnership.
B) Changes in relation to the Revised Uniform Partnership Act and the Uniform Partnership Act are insignificant.
C) The Revised Uniform Partnership Act generally serves to expand the Uniform Partnership Act.
D) If adopted the Revised Uniform Partnership Act governs partnerships in the absence of an express agreement.
E) The Revised Uniform Partnership Act has been adopted in approximately half the states.
G) C) and D)
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A) A partnership is often considered a legal entity when it is sued or being sued.
B) State law determines whether a partnership can or cannot be named in litigation.
C) Title to property can be put in the partnership name.
D) Every partner is considered an agent of the partnership, but not every partner has a fiduciary duty with all other partners.
E) Under the doctrine of marshaling assets, partnership assets are arranged in a certain order to pay any outstanding debts.
G) D) and E)
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D
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A) That the law firms were not liable because on the basis of the independent management of the law firms involved, no joint venture actually existed.
B) That while a joint venture existed, vicarious liability could not be asserted in order to hold members of a joint venture vicariously liable for a partner's misconduct.
C) That a joint venture existed and that members could be held liable for a partner's misconduct while acting in the ordinary course of the joint venture's business.
D) That because a joint venture is defined as a multiple-purpose partnership, the participants could be held liable, but only if the misconduct stemmed from activities engaged in on behalf of the joint venture.
E) That because a joint venture is defined as a multiple-purpose LLC, the participants could not be held liable regardless of whether the misconduct stemmed from activities engaged in on behalf of the joint venture.
G) A) and E)
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C
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