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13. If a new partner is purchasing the interests of an existing partner, the purchase price passes directly from the new partner to the old

13.

If a new partner is purchasing the interests of an existing partner, the purchase price passes directly from the new partner to the old partner and does not flow through the partnership.

A) True B) False

14.

The admission of a new partner may result in a bonus to the existing partners.

A) True B) False

15.

The admission of a new partner may result in a bonus to the new partner from the existing partners.

A) True B) False

16.

A withdrawal of a partner may result in a payment from remaining partners personal assets.

A) True B) False

17.

Partnership profit or loss must be divided according to the formulas which are outlined in the partnership agreement.

A) True B) False

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