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| 1 | |
A certificate of limited partnership must be filed with _____. |
| | A) | the county clerk's office where the partnership's principle office is located |
| | B) | the state secretary of state's office |
| | C) | the federal secretary of state's office |
| | D) | the federal district clerk's office |
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| 2 | |
Maria, a limited liability partnership member, is sued by Stan who was injured when Maria hit him with a truck she was driving on partnership business. Maria _____. |
| | A) | may be sued by Stan |
| | B) | may not be sued by Stan |
| | C) | may require that Stan only sue the partnership |
| | D) | may not be sued by Stan, but Stan may sue Maria's partners |
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| 3 | |
Io wrongfully takes partnership funds. The other partners may _____. |
| | A) | only sue Io for fraud |
| | B) | sue Io for fraud and request a court to dissolve the partnership |
| | C) | request a court to dissolve the partnership but may not sue Io for fraud |
| | D) | only request an accounting. |
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| 4 | |
Cindy makes a poor investment with partnership funds. The other partners _____. |
| | A) | may not sue Cindy |
| | B) | may sue Cindy |
| | C) | may not sue Cindy if she acted with ordinary skill and competence |
| | D) | may sue Cindy if the loss exceeded ten percent of the partnership's assets |
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| 5 | |
Tulan learns all about the funeral business while being a partner in Slumber Funeral Home. Tulane _____. |
| | A) | may not enter into competition with Slumber while a partner |
| | B) | may start her own business while a partner |
| | C) | is required to wait three years before starting a funeral business |
| | D) | is required to move outside of Slumber's market area before starting a funeral business |
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| 6 | |
What is nontransferable about Omar's interest in a partnership? |
| | A) | Economic interests. |
| | B) | Economic interests and management rights. |
| | C) | This is determined solely by the partnership agreement. |
| | D) | Management rights. |
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| 7 | |
Luke and Mark inherit their father's farm. Luke and Mark _____. |
| | A) | have become partners |
| | B) | are only co-owners of the land |
| | C) | are partners by estoppel |
| | D) | are partners by operation of law |
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| 8 | |
A partnership agreement may arise by _____. |
| | A) | written contract only |
| | B) | written or oral contract only |
| | C) | written, oral, implied, or default contract |
| | D) | written, oral, implied, or default contract |
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| 9 | |
The RUPA favors the _____ theory of partnership. |
| | A) | entity |
| | B) | aggregate |
| | C) | combination |
| | D) | estoppel |
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| 10 | |
Tom lends money as a business loan to Sandra, a sole proprietor whose business name is Threads and Pins. Who is liable to repay the loan? |
| | A) | Sandra. |
| | B) | Threads and Pins. |
| | C) | No one. |
| | D) | Sandra or Threads and Pins. |
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