Partnership quiz Able and Baker

Partnership quiz Able and Baker - Able and Mark Boren, are...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Able and Mark Boren, are doing business as Able Company, a partnership. They hold out to the public that Ryan is also a partner. In his relations with third persons, Ryan acts as though he is a partner. Michael enters into a contract with the firm through Ryan. Able Company now denies that Ryan is a partner. A. Ryan is not personally liable as a partner on the contract with Michael. B. Ryan is liable as a partner on the contract with Michael. C. Ryan is, in fact, a partner of Able Company. D. Ryan is, in fact, not a partner of Able Company but has some of the rights of a partner. Unanimous consent is not required in order to: A. Enlarge the scope of the business of a partnership. B. Admit new partners. C. Sell equipment of the partnership used in the ordinary operation of business. D. Purchase personal property needed in the ordinary operation of the business of the partnership.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
R, S, and T are equal partners in a real estate business. Title to all property purchased with partnership funds was taken in the name of R. R died with partnership real estate
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 5

Partnership quiz Able and Baker - Able and Mark Boren, are...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online