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bsad final exam questions with complete solutions with latest update
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bsad final exam questions with complete solutions with latest update
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bsad final examone basic difference between a partnership and agency law is that : - correct answer ✔✔each partner
has an ownership interest in the firm
what governs the operation of a partnership when there is no express partnership agreement? - correct
answer ✔✔the uniform partnership act
partnership - correct answer ✔✔an agreement, express or implied, between two or more persons to
carry on a business for profit
information returns - correct answer ✔✔a tax return submitted by a partnership that only reports the
income earned by the business
three essential elements to determine whether a partnership exists: - correct answer ✔✔-a sharing of
profits and losses
-a joint ownership of the business
-a equal right to be involved in the management of the business
a partnership probably does not exist if shared profits were received as payment of any of the following:
- correct answer ✔✔-a debt by installments or interest on a loan
-wages of an employee or for the services of an independent contractor
-rent to a landlord
-a annuity to a surviving spouse or representative of a deceased partner
-a sale of the good will of a business property
under common law, a partnership was treated only as : - correct answer ✔✔an aggregate of individuals
in all cases, joint ownership of property creates a partnership. T/F - correct answer ✔✔false
, Joint and Several Liability - correct answer ✔✔In partnership law, a doctrine under which a plaintiff may
sue, and collect a judgment from, one or more of the partners separately (severally, or individually) or all
of the partners together (jointly).
charging order - correct answer ✔✔in partnership law, an order granted by a court to a judgment
creditor that entitles the creditor to attach the partners interest in the partnership to satisfy the partners
obligation
Partnership by Estoppel - correct answer ✔✔A judicially created partnership that may, at the court's
discretion, be imposed for purposes of fairness. The court can prevent those who present themselves as
partners (but who are not) from escaping liability if a third person relies on an alleged partnership in
good faith and is harmed as a result.
when a partnership does not specify how long it will last, it will end? - correct answer ✔✔whenever
either partner wants to end it
if a third party knows that a partner had no authority to commit the partnership, the partner's actions
with the third party still bind the partnership and its partners. T/F - correct answer ✔✔false
what type of liability occurs when a third party has the option of suing all the partners together or one
more of the partners separately? - correct answer ✔✔joint and several liability
when one partners relationship with a partnership comes to an end but the partnership continues to do
business, it is knows as ? - correct answer ✔✔dissociation
events that cause dissociation - correct answer ✔✔-by partner's voluntarily giving notice of an 'express
will to withdraw'
-occurrence of a event specified in the partnership agreement
-by unanimous vote of the other partners under certain circumstances
-by order of a court or arbitrator if the partner has engaged in wrongful conduct that affects the
partnership business
-by the partners declaring bankruptcy assigning his or her interest in the partnership for the benefit of
creditors, or becoming physically or mentally incapacitated, or by the partners death
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