Question
Please help, Thank you! Please explain so I can understand! 20.1. When was UPA set out for states to adopt? When was RUPA promulgated for
Please help, Thank you!
Please explain so I can understand!
20.1. When was UPA set out for states to adopt? When was RUPA promulgated for state adoption?
20.2. What elements should be included in a written partnership agreement?
20.4 Able, Baker, and Carr own, as partners, a warehouse. The income from the warehouse during the current year is $300,000, two-thirds of which goes to Able. Who must file a tax return listing this as income, the partnership or Able? Who pays the tax, the partnership or Able?
21.1. What is the "fiduciary duty," and why is it imposed on some partners' actions with the partnership?
21.2. What is the personal liability of partners for breach of a contract made by one of the partnership's members?
21.3. Can a person no longer a partner be held liable for partnership obligations after her withdrawal? Can such a person incur liability to the partnership?
21.5. Anne and Barbara form a partnership. Their agreement specifies that Anne will receive two-thirds of the profit and Barbara will get one-third. The firm suffers a loss of $3,000 the first year. How are the losses divided?
22.1. Why does the fact that the limited liability company provides limited liability for some of its members mean that a state certificate must be filed?
22.2. What are the six attributes of a corporation? Which are automatically relevant to the LLC? Which two corporate attributes are usually dropped in an LLC?
22.3. The principal disadvantage of the general partnership is that it imposes unlimited personal liability on the partners. What is the disadvantage of the corporate form?
22.5. Yolanda and Zachary decided to restructure their small bookstore as a limited partnership, called "Y to Z's Books, LP." Under their new arrangement, Yolanda contributed a new infusion of $300; she was named the general partner. Zachary contributed $300 also, and he was named the limited partner: Yolanda was to manage the store on Monday, Wednesday, and Friday, and Zachary to manage it on Tuesday, Thursday, and Saturday. Y to Z Books, LP failed to pay $800 owing to Vendor. Moreover, within a few weeks, Y to Z's Books became insolvent. Who is liable for the damages to Vendor?
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