Question
1) Francis, Ricky, and Andrew had opened a bakery in partnership. During the course of their partnership, Ricky had taken a loan of $25,000 from
1) Francis, Ricky, and Andrew had opened a bakery in partnership. During the course of their partnership, Ricky had taken a loan of $25,000 from Ryan for personal purposes which he defaulted. Ryan could obtain a(n) _____ from the court to secure his loan, directing the partnership to pay Ryan the distribution that Ricky would normally receive.
A)doctrine of estoppel
B) charging order
C) order of relief
D) proof of claim
F) performance bond
2) Abby, Igor, Ted, and Tim were operating a restaurant in partnership. Ted received a letter from his university offering him an opportunity to teach the other students. Since, Ted always wanted to teach, he left the partnership. The partnership firm wanted to announce that Ted was no longer their partner since Ted had been handling a lot of purchases and dealing with some big customers. Which of the following statements could they file in order to do so?
A) Statement of partnership authority
B) Statement of dissolution
C) Statement of dissociation
D) Statement of denial
E) Statement of liquidation
3) The Revised Uniform Partnership Act (RUPA) uses the term _____ in lieu of the Uniform Partnership Act (UPA) term "dissolution."
A) winding up
B)liquidation
C)termination
D) dissociation
E) dilution
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