Which of the following is NOT one of the four most common forms of co$-$ownership?

Which of the following is NOT one of the four most common forms of co$-$ownership?

Tenancy for duration

Tenancy in common

Joint tenancy

Tenancy by the entireties

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Which of the following is TRUE?

Which of the following is TRUE?

The term dissolution is not synonymous with the termination of the business.

RUPA came out before UPA.

Only a human being can be a partner in a general partnership.

You must file paperwork with the appropriate state agency to create a partnership.

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Which of the following is TRUE?

Which of the following is TRUE?

Absent an agreement to the contrary, partners will share in the profits in proportion to their capital investment. So if Adam contributed $$70,000$ and Danielle contributed $$30,000,$ absent an agreement to the contrary, Adam is entitled to $70\%$ of the profits and Danielle $30\%.$

The law of partnerships is based in federal law and is therefore uniform in all states.

One partner can be held liable for the actions of another partner, even if the act was expressly forbidden.

Express and implied authority apply to partnerships, but apparent authority does not.

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Which of the following is TRUE?

Which of the following is TRUE?

Partnerships are not free to select any name not used by another partnership.

Neither RUPA nor UPA recognize partnership by estoppel.

Partnerships by their very nature must be evenly split. Meaning, if a partnership has three partners, they each must share in the profits evenly, $33\mathrm{.}3\%$ each.

A partnership cannot be formed by an oral agreement alone; a signed written document by the partners is required.