Question 1

Connie,Drew,and Ellen are the general partners of Foreign Auto Repair,a limited partnership.Connie dies.The partnership can

Accepted Answer

The answer of Connie,Drew,and Ellen are the general partners of...

Question 2

Venture Capital,LP,is a limited partnership.A Venture limited partner loses his or her limited liability if he or she

Accepted Answer

A limited partner in a limited partnership, such as Venture Capital LP, is only liable up to the amount of their investment as long as they do not participate in management decisions. If they become involved in management decisions, they could potentially lose their limited liability protection. Therefore, if a Venture Capital LP limited partner acts as the firm's manager, they would lose their limited liability protection.

Question 3

Dunn and Etta are limited partners in Fancee Fashion Stores,a limited partnership.In terms of the firm's books,Dunn and Etta are entitled to

Accepted Answer

The answer of Dunn and Etta are limited partners in...

Question 4

International Exports,L.P.,is a limited partnership,with $100,000 in declared but unpaid profits.International's creditors include Friendly Credit Corporation for $5,000 and Gwen,one of International's limited partners,also for $5,000.When Harry,one of International's general partners,decides to retire,the other general partners vote to liquidate and dissolve the firm.The limited partners,who are not asked their opinions,want International to continue in business and file a suit against the general partners to compel this result.Can the court order International to continue If not,what is the priority of the distribution of International's assets on its dissolution

Accepted Answer

The answer of International Exports,L.P.,is a limited partnership,with $100,000 in...

Question 5

Energy Unlimited,LP,is a limited partnership to which its partners,including Fink,have contributed capital.Energy's creditors include Graves Engineering,Inc.On Energy's dissolution,its assets will be distributed to pay

Accepted Answer

On dissolution, creditors like Graves Engineering, Inc. have priority in receiving payment from the partnership's assets before any distribution is made to partners like Fink. Therefore, Graves would be paid first, and Fink would receive any remaining portion of the assets.

Question 6

Bret is a general partner in Capitol Realty,LLLP,a limited liability limited partnership,which cannot pay its debts.Bret is personally liable for the debts

Accepted Answer

The answer of Bret is a general partner in Capitol...

Question 7

Sally and Tom decide to go into business,selling discounted merchandise through their Web site "e-Buy." They sign a partnership agreement that requires Sally to contribute $12,000 and Tom to contribute $8,000 in capital to start the firm.The agreement also states that only Sally will have the authority to bind the partnership in deals with third parties,but the agreement says nothing about the management of the firm or a division of profits.Without Sally's knowledge,Tom tells United Computer Products,Inc.,that he represents the firm and signs a contract with United to buy hard drives for resale on e-Buy.In the first year,e-Buy makes a profit of $50,000.What are the partners' rights with respect to the management of the firm Is the partnership bound to the contract with United Do the partners split the first year's profits If so,how much is each entitled to

Accepted Answer

The answer of Sally and Tom decide to go into...

Quiz 32: All Forms of Partnerships

Connie,Drew,and Ellen are the general partners of Foreign Auto Repair,a limited partnership.Connie dies.The partnership can

Venture Capital,LP,is a limited partnership.A Venture limited partner loses his or her limited liability if he or she

Dunn and Etta are limited partners in Fancee Fashion Stores,a limited partnership.In terms of the firm's books,Dunn and Etta are entitled to

Energy Unlimited,LP,is a limited partnership to which its partners,including Fink,have contributed capital.Energy's creditors include Graves Engineering,Inc.On Energy's dissolution,its assets will be distributed to pay

Bret is a general partner in Capitol Realty,LLLP,a limited liability limited partnership,which cannot pay its debts.Bret is personally liable for the debts