1.In a general partnership, a partner’s interest in specific partnership property is

subject to a partner’s liability for alimony

not transferable voluntarily or involuntarily

transferable for a partner’s individual creditor

transferable to a partner’s states upon the death.

2.For which purpose is a general partnership not considered a separate legal entity?

The assets of a partnership are treated as those of the business unit.

A partnership is not subject to regular federal income tax.

Creditors of an individual partner have no right to specific partnership property.

Each partner is considered an agent of the partnership.

 

 

3. The bylaws of a corporation provide for officers and define their rights and duties. an officer is able to bind the corporation.

Because (s)he is an agent whose authority is governed by the law agency.

Only if (s)he acts within a resolution approved by the directors.

Only if (s)he acts within the authority granted in the bylaws.

Because officers and directors are regarded as principals not mere agents.

4.Foot leased space in jack’s department store to operate a shoe department. during the year shoe sales were advertised under the name of Jack's. major shoe Co has sold shoes on credit many times under the name of Jack's department store. Foote is insolvent and owes Major $13,787.25. if Major shoe seeks to recover from shacks department store, the likely result is

Foote is entitled to examine the books of account of Jack’s department store upon reasonable notice and at a reasonable time

jacks and Foote our partners by estoppel.

Jack’s personal creditors have priority over Major shoe.

That jack’s department store is in partnership with Foote shoes.

 

5.To be unsalted by the business judgment rule, management decisions by an officer or director must be

	made with do care	unformed	profitable	made in good faith
A	yes	no	yes	yes
B	no	yes	yes	yes
C	yes	yes	no	yes
d	Yes	yes	yes	no