Question 1

A partnership intentionally created and recognized, orally or in writing is known as an)  _____ partnership.

Accepted Answer

A)   estoppel
B)   agency
C)   implied
D)   apparent
E)   expressF) A) and C)
G) B) and D)

Question 2

Differentiate between the entity theory and the aggregate theory. How did the common law theory and the mercantile theory of law treat partnerships with respect to legal entity?

Accepted Answer

A legal entity is a person or a group th...

Question 3

The _____, completed in 1914 and the _____, completed in the 1916 were the basis of partnership law in United States for many decades.

Accepted Answer

A)   Uniform Partnership Act UP
A)  ; Uniform Limited Partnership Act ULP
A)  
B)   Universal Partnership Act UP
A)  ; Revised Partnership Act RP
A)  
C)   Uniform Partnership Act UP
A)  ; Revised Uniform Partnership Act RUP
A)  
D)   United Partners Act UP
A)  ; Uniform Limitation Act UL
A)  
E)   Partnership Act; Uniform Partnership ActF) C) and D)
G) B) and C)

Question 4

The theory that a business firm is a collection of individual owners who bind themselves together to share profits is known as _____

Accepted Answer

A)   entity theory
B)   aggregate theory
C)   concession theory
D)   conduit theory
E)   appropriation theoryF) None of the above
G) A) and E)

Question 5

Unlike corporations, partnerships can be created accidentally.

Accepted Answer

A) True 
 B)False

Question 6

Mr. Brown, Mr. Hobbs, and Mr. Young want to enter into a partnership to open a food joint. Which of the following names for their partnership need not be registered under the fictitious names statutes of their state?

Accepted Answer

A)   Yumm-Tumm
B)   Good Food Corporation
C)   Brown, Hobbs, and Young
D)   Farm-Fresh Foods
E)   Fill- it-up Inc.F) All of the above
G) None of the above

Question 7

Which of the following is true of express partnerships?

Accepted Answer

A)   They must be created in writing.
B)   They are limited to a direct association of human beings.
C)   The name must be registered if it is fictitious.
D)   They are created unintentionally.
E)   A partnership agreement is necessary for creation.F) B) and D)
G) None of the above

Question 8

Which of the following is true of partnerships as entities?

Accepted Answer

A)   Partnerships are taxable entities and pay income taxes.
B)   A partner can unilaterally dispose of partnership property under both RUPA and UPA.
C)   A partnership cannot be involuntarily thrust into a bankruptcy proceeding.
D)   A partnership may keep business records as if it were a separate entity.
E)   Under RUPA, a partnership does not have entity characteristics.F) A) and E)
G) A) and D)

Question 9

The concept of a business firm as a legal person, with existence and accountability separate from its owners stems from _____.

Accepted Answer

A)   entity theory
B)   aggregate theory
C)   concession theory
D)   conduit theory
E)   appropriation theoryF) C) and D)
G) B) and E)

Question 10

The mercantile theory of the law merchant held that the partnership is a legal entity that can have rights and duties independent of those of its members.

Accepted Answer

A) True 
 B)False

Question 11

The fictitious names statutes in most states of US require that anyone doing business under a name other than his real name register the name.

Accepted Answer

A) True 
 B)False

Question 12

Non-registration of the partnership name will violate the assumed or fictitious name statutes of most states.

Accepted Answer

A) True 
 B)False

Exam 22: Partnerships: General Characteristics and Formation

The mercantile theory of the law merchant held that the partnership is a legal entity that can have rights and duties independent of those of its members.

Correct Answer
verified

Differentiate between the entity theory and the aggregate theory. How did the common law theory and the mercantile theory of law treat partnerships with respect to legal entity?

Correct Answer
verified
A legal entity is a person or a group th...
View Answer

Which of the following is true of partnerships as entities?

Correct Answer
verified

A partnership intentionally created and recognized, orally or in writing is known as an) _____ partnership.

Correct Answer
verified

Non-registration of the partnership name will violate the assumed or fictitious name statutes of most states.

Correct Answer
verified

Unlike corporations, partnerships can be created accidentally.

Correct Answer
verified

Mr. Brown, Mr. Hobbs, and Mr. Young want to enter into a partnership to open a food joint. Which of the following names for their partnership need not be registered under the fictitious names statutes of their state?

Correct Answer
verified

The theory that a business firm is a collection of individual owners who bind themselves together to share profits is known as _____

Correct Answer
verified

Which of the following is true of express partnerships?

Correct Answer
verified

The concept of a business firm as a legal person, with existence and accountability separate from its owners stems from _____.

Correct Answer
verified

The _, completed in 1914 and the _, completed in the 1916 were the basis of partnership law in United States for many decades.

Correct Answer
verified

The fictitious names statutes in most states of US require that anyone doing business under a name other than his real name register the name.

Correct Answer
verified

Exam 22: Partnerships: General Characteristics and Formation

The mercantile theory of the law merchant held that the partnership is a legal entity that can have rights and duties independent of those of its members.

Correct AnswerverifiedShow Answer

Differentiate between the entity theory and the aggregate theory. How did the common law theory and the mercantile theory of law treat partnerships with respect to legal entity?

Correct AnswerverifiedA legal entity is a person or a group th...View AnswerShow Answer

Which of the following is true of partnerships as entities?

Correct AnswerverifiedShow Answer

A partnership intentionally created and recognized, orally or in writing is known as an) _____ partnership.

Correct AnswerverifiedShow Answer

Non-registration of the partnership name will violate the assumed or fictitious name statutes of most states.

Correct AnswerverifiedShow Answer

Unlike corporations, partnerships can be created accidentally.

Correct AnswerverifiedShow Answer

Mr. Brown, Mr. Hobbs, and Mr. Young want to enter into a partnership to open a food joint. Which of the following names for their partnership need not be registered under the fictitious names statutes of their state?

Correct AnswerverifiedShow Answer

The theory that a business firm is a collection of individual owners who bind themselves together to share profits is known as _____

Correct AnswerverifiedShow Answer

Which of the following is true of express partnerships?

Correct AnswerverifiedShow Answer

The concept of a business firm as a legal person, with existence and accountability separate from its owners stems from _____.

Correct AnswerverifiedShow Answer

The _____, completed in 1914 and the _____, completed in the 1916 were the basis of partnership law in United States for many decades.

Correct AnswerverifiedShow Answer

The fictitious names statutes in most states of US require that anyone doing business under a name other than his real name register the name.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
A legal entity is a person or a group th...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

The _, completed in 1914 and the _, completed in the 1916 were the basis of partnership law in United States for many decades.

Correct Answer
verified

Correct Answer
verified