1-Under RUPA, an association of two or more persons means that the partners have to be 'flesh and blood' individuals.

Group of answer choices

True

False

2-In a case involving the issue of whether a partnership actually existed, the sharing of profits is prima facie evidence.

Group of answer choices

True

False

3-Attorneys Fuji, Martha, Alessandro, and Juanita agree to form a limited liability partnership (LLP), to be known as Immigration Law, LLP and each will contribute $10,000 to the startup of this firm. In this LLP, each partner is personally liable for the torts committed by a partner or an employee.

Group of answer choices

True

False

4-Arian is a sole proprietor and owes a great deal of money to a number of business creditors. The business creditors may sue to:

Group of answer choices

only take Arian's business assets.

only take Arian's personal assets.

take both Arian's business and personal assets.

not take any assets, but only the profits of the business.

5-Ching knows that Harmony Partnership, in which Ching is a partner, is interested in purchasing a particular parcel of land for a new business location. Can Ching lawfully have his cousin buy the land, so that she may resell the land to the Harmony Partnership?

Group of answer choices

No, it violates Ching's duty of care.

Yes, assuming the price to Harmony was a fair market price.

No, it violates Ching's duty of loyalty.

Yes, the cousin is not a Harmony partner and has no loyalty to it.

6-Dividends are the net profits, or surplus, set aside for the shareholders.

Group of answer choices

True

False

7-Under RUPA, a ____________ takes place whenever a partner is no longer associated with the running of the firm.

Group of answer choices

dissolution

dissociation

rescission

devolution

8-If Penny, Inc. was not properly incorporated, but the owners believed they had a valid corporation, Penny, Inc. may qualify as a corporation by estoppel.

Group of answer choices

True

False

9-Maya is the promoter of a corporation called Phoenix Inc., which is in the process of being formed. Prior to incorporation, Maya rents office space in Phoenix's name. Phoenix is bound by Maya's contract.

Group of answer choices

True

False