12. The creditors of the R & D Partnership sued the two principals, Ray Beeze and Dan DeLyon, for failure to repay the debts of the business. Ray claimed that he was only a limited partner in R&D and thus not liable to the partnerships creditors beyond the amount of his capital contribution. There was no written partnership agreement purporting to create the R&D Partnership. At trial, the court will most likely hold that a. Ray is a limited partner liable only to the amount of his capital contribution b. R&D Partnership is a limited partnership, but Ray is a general partner personally liable for all the partnerships debts c. R&D Partnership is a general partnership, but Ray is liable only to the amount of his capital contribution d. R&D Partnership is a general partnership, and Ray is personally liable for all the partnership's debts 13. Gomer sued his brother Goober alleging that Gomer was the sole heir to their late father Floyd's barbershop business, which was operated as a sole proprietorship. At trial, the court will most likely a. rule for Gomer as he has a right to equally share in his late father's business b. rule for Goober as Gomer has no right to the business in the absence of a written agreement c. rule for Goober as Floyd's business terminated upon his death d. rule for Gomer as it would be inequitable for Goober to be awarded sole ownership of Floyd's barbershop 14. Alvin, Simon, and Theodore decided to form a business using the LLC form of organization. They sought the advice of an attorney as to the steps necessary to form an LLC. The attorney should tell them that they a. must file both articles of organization and an operating agreement with a central state agency b. must file an operating agreement with a central state agency c. must file articles of organization with a central state agency and may also create an operating agreement d. must file an operating agreement with a central state agency and may also create articles of organization 12. The creditors of the R & D Partnership sued the two principals, Ray Beeze and Dan DeLyon, for failure to repay the debts of the business. Ray claimed that he was only a limited partner in R&D and thus not liable to the partnerships creditors beyond the amount of his capital contribution. There was no written partnership agreement purporting to create the R&D Partnership. At trial, the court will most likely hold that a. Ray is a limited partner liable only to the amount of his capital contribution b. R&D Partnership is a limited partnership, but Ray is a general partner personally liable for all the partnerships debts c. R&D Partnership is a general partnership, but Ray is liable only to the amount of his capital contribution d. R&D Partnership is a general partnership, and Ray is personally liable for all the partnership's debts 13. Gomer sued his brother Goober alleging that Gomer was the sole heir to their late father Floyd's barbershop business, which was operated as a sole proprietorship. At trial, the court will most likely a. rule for Gomer as he has a right to equally share in his late father's business b. rule for Goober as Gomer has no right to the business in the absence of a written agreement c. rule for Goober as Floyd's business terminated upon his death d. rule for Gomer as it would be inequitable for Goober to be awarded sole ownership of Floyd's barbershop 14. Alvin, Simon, and Theodore decided to form a business using the LLC form of organization. They sought the advice of an attorney as to the steps necessary to form an LLC. The attorney should tell them that they a. must file both articles of organization and an operating agreement with a central state agency b. must file an operating agreement with a central state agency c. must file articles of organization with a central state agency and may also create an operating agreement d. must file an operating agreement with a central state agency and may also create articles of organization
