Ch 37.docx - Part 1 of 1 Chapter 36 Quiz Question 1 of 20...

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Part 1 of 1 - Chapter 36 Quiz 20.0 Points Question 1 of 20 1.0 Points Mead, Nero, and Olen do business as Pipe & Plumbing Services. After Mead's relationship to the firm ends, Nero and Olen agree to discontinue the business. This is A. gross negligence. B. dissolution. C. simple misconduct. D. dissociation. Answer Key: B Question 2 of 20 1.0 Points Denise and Elke do business as Final Curtain Decorators. In most states, for purposes of holding title to property, this partnership would be treated as A. a non-existent party. B. a natural person. C. an entity. D. an aggregate of the individual partners. Answer Key: C Question 3 of 20 1.0 Points Pat and Quint sign a five-year partnership agreement to do business as "Pat's Landscaping Service." At the end of the fifth year, they decide to continue without specifying a new term. This partnership is terminable A. only if Pat dissociates from the firm. B. at any time by either partner. C. only if Quint dissociates from the firm. D. only after an additional five-year term.
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Answer Key: B Question 4 of 20 1.0 Points Genetic Innovations, LP, is a limited partnership. The partners sign an agreement purporting to state how the firm's profits and losses are to be divided. The profits and losses of the firm will be divided A. equally, despite the agreement.
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