Lenb Business Orgs Exam-Questions, all Solved
100% Correct _Verified Answers
A written agreement that creates a partnership is called the articles of ______. -
✔✔partnership
Identify a recognized disadvantage of a partnership. - ✔✔In most cases, each partner has
personal liability for the business losses of another partner.
A partnership is a ______ association between two or more persons who co-own a business for
______. - ✔✔voluntary; profit
The articles of partnership usually include all but which of the following information? -
✔✔The classes of stock issued by the partnership
Partners must, in good faith, work for the benefit of their partnership and refrain from taking
any kind of action that would undermine the partnership. This is known as the partners'
______. - ✔✔fiduciary duty
Which of the following is an accurate statement about the formation of partnerships? - ✔✔A
written agreement that creates a partnership is called the articles of partnership.
Parties not named in a partnership agreement can be considered partners through a
partnership by estoppel. Identify a true statement about such a party who is considered a
partner. - ✔✔In many states, the party can be held liable for the costs of the damages to the
customer.
Which of the following is typically not included in the articles of partnership? - ✔✔The
educational credentials and work experience of each partner
, According to most states, in which of the following situations does a partnership by estoppel
exist? - ✔✔A third party is aware of a misrepresentation of partnership and consents to the
misrepresentation.
Which of the following is the second stage in the termination of a partnership? - ✔✔The
winding-up stage
______ defines the ______ of a partnership as the change in the relation of the partners caused
by any partner's ceasing to be associated with the carrying on of the business. - ✔✔The
Uniform Partnership Act (UPA); dissolution
Parties not named in a partnership agreement can be considered partners through a(n) ______.
- ✔✔partnership by estoppel
According to most states, identify a situation in which a partnership by estoppel exists. -
✔✔A nonpartner has represented himself or herself as a partner, and a third party
reasonably relies on this information to his or her detriment.
Which of the following is not a recognized reason for the rightful dissolution of a partnership? -
✔✔A partner finds it easy to perform partnership responsibilities.
Which of the following is the first stage in the termination of a partnership? - ✔✔The
dissolution stage
Once a partnership is ______, the partners begin the process of winding up. - ✔✔liquidated
The ______ of a partnership is considered complete when any partner stops fulfilling the role of
a partner to the business by choice or default. - ✔✔dissolution
100% Correct _Verified Answers
A written agreement that creates a partnership is called the articles of ______. -
✔✔partnership
Identify a recognized disadvantage of a partnership. - ✔✔In most cases, each partner has
personal liability for the business losses of another partner.
A partnership is a ______ association between two or more persons who co-own a business for
______. - ✔✔voluntary; profit
The articles of partnership usually include all but which of the following information? -
✔✔The classes of stock issued by the partnership
Partners must, in good faith, work for the benefit of their partnership and refrain from taking
any kind of action that would undermine the partnership. This is known as the partners'
______. - ✔✔fiduciary duty
Which of the following is an accurate statement about the formation of partnerships? - ✔✔A
written agreement that creates a partnership is called the articles of partnership.
Parties not named in a partnership agreement can be considered partners through a
partnership by estoppel. Identify a true statement about such a party who is considered a
partner. - ✔✔In many states, the party can be held liable for the costs of the damages to the
customer.
Which of the following is typically not included in the articles of partnership? - ✔✔The
educational credentials and work experience of each partner
, According to most states, in which of the following situations does a partnership by estoppel
exist? - ✔✔A third party is aware of a misrepresentation of partnership and consents to the
misrepresentation.
Which of the following is the second stage in the termination of a partnership? - ✔✔The
winding-up stage
______ defines the ______ of a partnership as the change in the relation of the partners caused
by any partner's ceasing to be associated with the carrying on of the business. - ✔✔The
Uniform Partnership Act (UPA); dissolution
Parties not named in a partnership agreement can be considered partners through a(n) ______.
- ✔✔partnership by estoppel
According to most states, identify a situation in which a partnership by estoppel exists. -
✔✔A nonpartner has represented himself or herself as a partner, and a third party
reasonably relies on this information to his or her detriment.
Which of the following is not a recognized reason for the rightful dissolution of a partnership? -
✔✔A partner finds it easy to perform partnership responsibilities.
Which of the following is the first stage in the termination of a partnership? - ✔✔The
dissolution stage
Once a partnership is ______, the partners begin the process of winding up. - ✔✔liquidated
The ______ of a partnership is considered complete when any partner stops fulfilling the role of
a partner to the business by choice or default. - ✔✔dissolution
