Question
16. Under the Revised Uniform Partnership Act, when a partner dies a. the partnership is dissolved and must terminate. b. the partnership is dissolved and
16. Under the Revised Uniform Partnership Act, when a partner dies a. the partnership is dissolved and must terminate. b. the partnership is dissolved and the business can continue only if the remaining partners form a new partnership c. the deceased partner is dissociated, but the firm continues d. a winding up of the partnership is legally required. 17. Juan invests $50,000 as a limited partner in a limited partnership that manages twenty rental properties. Lead paintin the units causes several children to become very ill. In a lawsuit against the limited partnership, the jury awards $1 million in damages. In this situation, Juan's exposure is a. $1 million b. the portion of $1 million equal to Juan's share of the profits of the firm c. Juan's $50,000 investment in the firm d. Juan has no exposure, not even his $50,000 investment, since the judgment is only against the limited partnership 18. Rachael and Brenden are both attorneys and wish to start a law practice together. Under current law, their best business form would be a. partnership b. limited partnership c. limited liability company d. limited liability partnership
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