Topic Other Events of Dissolution 53 p 353 Regarding limited partners A they

Topic other events of dissolution 53 p 353 regarding

This preview shows page 38 - 41 out of 53 pages.

Topic: Other Events of Dissolution 53.(p. 353)Regarding limited partners: A. they may withdraw from the partnership at any time but they forfeit their investment if they withdraw early.B.they may not withdraw before the time that the partners have agreed that the partnership will terminate.C. if the partnership agreement is silent as to notice require prior to termination, 90 days written notice will be required before the limited partner may withdraw.D. they must obtain a court order to withdraw because of their limited liability and its effect on the remaining partners and third parties dealing with the business.Limited partners may not withdraw early if the agreement sets a time for the partnership to terminate. AACSB: Reflective Thinking Bloom's: Apply Difficulty: Hard Learning Objective: 13-07 Articulate the consequences of partner separation and dissolution. Topic: Withdrawal under RULPA 13-38
Image of page 38
Chapter 13 - Choice of Business Entity, Sole Proprietorships, and Partnerships 54.(p. 341)A disadvantage of the sole proprietorship is: AACSB: Reflective Thinking Bloom's: Understand Difficulty: Medium Learning Objective: 13-02 List the elements required to form a general partnership and the statutory requirements for forming a limited partnership. Topic: Sole Proprietorships 55.(p. 346)A limited partnership requires: AACSB: Analytic Bloom's: Understand Difficulty: Medium Learning Objective: 13-02 List the elements required to form a general partnership and the statutory requirements for forming a limited partnership. Topic: Formation 13-39
Image of page 39
Chapter 13 - Choice of Business Entity, Sole Proprietorships, and Partnerships 56.(p. 353)Redrock GP has decided to go out of business. The sale of the partnership assets and the making of payments to creditors will occur during the ________ phase of the closing of a partnership. AACSB: Reflective Thinking Bloom's: Apply Difficulty: Hard Learning Objective: 13-07 Articulate the consequences of partner separation and dissolution. Topic: Dissociation under the RUPA
Image of page 40
Image of page 41

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture