True False 3 1 pts Question 12 Your Answer State at least five duties that

True false 3 1 pts question 12 your answer state at

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True False 3 / 1 pts Question 12 Your Answer: State at least five duties that partners owe each other and five rights that each partner possesses. Duty to serve Duty to loyalty Duty of care Duty of obedience Duty to inform copartners Duty to account Rights: Rights to distribution of money Right to management Right to choose co partners Right to properly of the partnership Right to assign partnership interest Right to enforce duties and rights
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12/3/2019 Quiz 6 (Module 11-12) (Remotely Proctored): BUS110-81195 Bus Law/Legal Environment 7/13 The various duties that partners owe each other are: the duty to serve the duty of loyalty the duty of care the duty of obedience the duty to inform co-partners the duty to account to the partnership The various rights of partners include the right to: distributions of money management choose partners property of the partnership assign partnership interest enforce duties and rights 1 / 1 pts Question 13 As in a partnership, the limited liability company (LLC) property is not specific to any member, but each has a personal property interest in general. True False 0 / 1 pts Question 14 AA Interiors, a group of interior designers, owned, operated, and shared profits from an interior design business. They agreed among themselves as to pricing, and agreed that deviations of more than 10% from the normal prices for service would only be permitted upon majority vote of the entire group. In April of 2017, the principals of AAI decided that they should incorporate the business. They sent necessary articles of incorporation off to the state capital on April 15, but articles were returned to AAI on April 20 because a page had been omitted in collating. On April 18 Ingrid Interior, one of the principals, signed a front-porch remodel contract with the Aces, folks well known in the community. In order to promote goodwill for more business,
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12/3/2019 Quiz 6 (Module 11-12) (Remotely Proctored): BUS110-81195 Bus Law/Legal Environment 8/13 Your Answer: Ingrid gave the Ace's a 15% ($1500) price break on the remodel, and, knowing the incorporation paperwork had been sent off three days earlier, she signed the contract: "Ingrid Interior, Vice President, AA Interiors, Inc." That afternoon, on her way to the paint store to pick up paint samples for the Ace job, Ingrid's car and one driven by Paul Plaintiff collided in an intersection. Paul's car had a defective brake light and Ingrid was on her cell phone at the time of the crash. It was not until April 25 that proper articles of incorporation were accepted at the state capital for AA Interiors, Inc. But Ingrid thought she'd make more money working for BB Interior (they paid more). Before she quit her job at AAI, she told all her clients¬ that she would be leaving and could give them a "special deal" in a few days. She made a hand-written list of customers and took it with her when she quit, and shortly thereafter approached these people with some discounted services (the special deal). For the first six months Ingrid did very well. In fact, she
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