401E PQUIZ 4B PR Flashcards
Any partner may enter into a separate obligation to perform a partnership contract.
TRUE
Persons who are not really members of the partnership, but included their names in the firm name, shall be subject to the liability of a partner
TRUE
A partner’s right in specific partnership property is not assignable except in connection with the assignment of rights of all the partners in the same property.
TRUE
What are the Principal property rights of a partner?
- Rights in specific partner property
- Interest in partnership
- Right to participate in the management
A partner’s right in specific partnership property is not subject to legal support.
TRUE
11-15What are the Related property rights of a partner?
Right to reimbursement for amounts advanced to partnership and to indemnification for risks in consequence of management.
- Right of access and inspection of partnership books.
- Right to true and full information of all things affecting the partnership.
- Right to the formal account of partnership affairs under certain circumstances.
- Right to have partnership dissolved also under certain conditions.
A partner is co-owner with his partners of specific partnership property.
TRUE
Ordinarily, a partner has an equal right to possess any specific partnership property, including intangible things, for partnership purposes.
TRUE
What are the rights withheld from the Assignee in case of assignment of a partner’s whole interest in the partnership? Answer: The rights to -
- To interfere in the management
- To require any information or account
- To inspect any of the partnership books.
16-17
What comprises the partner’s interest in the partnership?
- Share in profits
17. Surplus
A partner may contribute to the partnership only the use or enjoyment of property, reserving the ownership thereof.
TRUE
