Question1

General partnerships may be formed for non-profit purposes.

O True

O False

Question 2

There is no accountant-client privilege under federal law.

O True

O False

Question 3

A gift is only valid if the donee gives some consideration for the property that the donor gives.

O True

O False

Question 4

Under the Ultramares Doctrine, an accountant is liable only to those with who the accountant is in privity of contract or a privity-like relationship.

O True

O False

Question 5

in a tenancy for years, property is leased for a specified period of time, which could be a month, a year, or a period of years.

O True

O False

Question 6

Sole Proprietorships are prohibited by law from operating under a fictitious name.

O True

O False

Question 7

Pursuant to the ULPA, limited partnerships may only have 100 limited partners.

O true

O false

Question 8

Winding up is the process by which a dissolved corporation or partnership's assets are collected. liquidated and distributed to creditors, shareholders and other claimants.

O true

O false