9. Unless otherwise agreed, a partnership dissolves if___ Group of answer choices A. An event occurs that the partners agreed would dissolve the partnership B. A court dissolves the partnership C. The business is illegal D. All of the above

9. Unless otherwise agreed, a partnership dissolves if___ Group of answer choices A. An event occurs that the partners agreed would dissolve the partnership B. A court dissolves the partnership C. The business is illegal D. All of the above

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 5BCRQ

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True or False Instruction: Write "T" if the statement is correct and "F" if incorrect. 1. A withdrawing or retiring partner cannot sell his interest to any person without informing first the other partner. 2. When there are only two persons comprising the partnership, the sale of one's share to the other will make the partnership become a sole partnership. 3. Insolvency of partnership is where its remaining assets are confined to the settlement of its obligation resulting in its inability to go on with normal operations.
PLEASE ANSWER ALL OF THE QUESTIONS
No need to explain. The following events dissolve a partnership except: a. admission of a partner b. change of the partnership name c. conversion of a partnership to a corporation d. impairment of partnership assets Before dissolution takes effect, liabilities should be restated at their a. fair market values b. present values c. liquidating values d. historical values
9. When is a partnership legally insolvent A. When the partnership assets are insufficient to meet the partnership obligations and at least one partner is legally insolvent. B. When the partnership assets are insufficient to meet the partnership obligations. C. When all the partners are personally insolvent. D. None of the above.
TRUE OR FALSE
Which of the following is true about a partnership? The old partnership ends only upon the withdrawal of a partner. The old partnership ends upon the acceptance of a new partner. If a new partner is admitted to the partnership, the old partnership must liquidate. Partnerships have an unlimited life. Only one owner is allowed in a Partnership.
While death of a partner is a cause of partnership dissolution, a partner's incapacity to perform is not a cause for dissolution because he/she is still alive. True False
Partnership dissolution can be in the following ways except? Select one: a. Wish of any partner b. Notice by a partner c. Bankruptcy d. Death of a partner
55.In the law on partnership, is the rule absolute where persons who are not partners as to each other are not partners as to third persons? * A. Yes. The rule is absolute because the laws on partnership specifically states that pursuant to the Doctrine of Delectus Personae, each partners forming a partnership has the right to choose who will they associate with. B. No. The rule is not absolute because the laws on partnership states an exception, to wit: partnership by estoppel, where a partnership is not duly organized has been recognized as such in its dealings with certain persons, it shall be considered as partnership by estoppel and the persons dealing with it are estopped from denying its partnership existence.
Which of the following instances does not dissolve the partnership? Group of answer choices a. Admission of Mr. X in the ANC Partnership. b. Assignment of partners’ interest to another partner. c. Insanity of a partner in the partnership. d. Investment of a new partner in the partnership. Which of the following instances does not dissolve the partnership? Group of answer choices a. Admission of Mr. X in the ANC Partnership. b. Assignment of partners’ interest to another partner. c. Insanity of a partner in the partnership. d. Investment of a new partner in the partnership. When Jill retired from the partnership of Jill, Bill and Hill, the final settlement of her interest exceeded her capital balance. Under the bonus method, the excess Group of answer choices a. Had no effect on the capital balances of Bill and Hill. b. Was recorded as an expense. c. Reduced the capital balance of Bill and Hill. d. Was recorded as goodwill. I. The use of average…
True or false The dissolution of a partnership occurs only when the partnership is terminating operations and going out of business.
file a case against a partnership, without impleading the partners and the partnership is then held liable by the court, will the partners' If you personal assests be also held liable, if the partnerships assets are insufficient?