Question
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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