12 ELP Partnership is in the process of winding up. ELP consists of three partners, Emerson, Lake, and Palmer. The partnership has assets of $120,000 but debts of $60,000. Included in the partnership's debts is $30,000 owed to Emerson. As a result of the dissolution and winding up of the partnership, what do the partners receive? A. Each partner receives $20,000 B. Each partner receives $40,000 C Emerson receives $30,000 and the other two partners receive $45,000. D. Emerson receives $60,000 and the other two partners receive $30,000. E None of the foregoing distributions is correct. 13 Homer LLC, a partner in Springfield Properties Partnership, a general partnership, assigns its partnership interest to Lisa LLC. Lisa is not made a partner. After the assignment Lisa asserts the right to (1) participate in the management of Springfield Properties Partnership and (2) Homer's share of Springfield Properties Partnership's partnership profits. Lisa is correct as to which of these rights? A. 1 only B. 2 only C. 1 and 2 D. Neither 1 nor 2. One common fact in many cases involving piercing the corporate veil is the following. 14. A. Owners of the corporation select a corporate name that is similar to their own name Company owners commingle their funds with those of the corporation, treating the company's accounts like their own bank accounts. B. C Company owners fail to adequately qualify the company to do business in all D. All the above urisdictions where it is obligated to do so. E None of the above 15. A. B. C. D. In the case of Banker v. Estate of Banker, the court found That the salary paid to Arnold Banker, Jr. was unreasonably high and, therefore, impermissible That the payment of a salary to Arnold Banker, Jr. required the approval of the partners in the Peaceful Valley partnership That Arnold Banker, Jr., as a 67% owner in the partnership, was authorized to approve the payment of a salary to himself, provided that the salary was reasonable A and Bare both correct