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28. Which of the following is true about a partner? a. If they leave, they remain liable for partnership debt for 2 years. b. They
28. Which of the following is true about a partner? a. If they leave, they remain liable for partnership debt for 2 years. b. They may sell, assign, or gift their ownership interest in the partnership C. They may sell, assign, or gift their profit from the partnership d. Both A and C. e. None of them are correct. 29. Upon winding up the partnership business a Partners are only liable to creditors to the extent there is money available in the partnership bank account. b. Partners are only liable to creditors to the extent of their capital contribution. C. Each partner is personally liable to partnership creditors. 30. Upon winding up the partnership, a. Creditors are paid before capital contributions are returned. b. Capital contributions are never returned to partners. C. Surplus profit is paid to partners before capital contributions are returned. 31. An LLC is a. a creature of common law. b. a creature of the state. c. a creature of god 32. A one-person LLC is not permitted. TRUE FALSE 33. What must be filed with the state to start an LLC? a. Articles of Incorporation. b. Bylaws. c. Operating Agreement d. Articles of Organization
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