FL Partnership

Question 0

What is NOT an essential element of a partnership relationship?

Answer 0

A mutual intention to be partners.

Question 1

What is prima facie evidence of the existence of a partnership relationship under RUPA?

Answer 1

Sharing of net profits of a business.

Question 2

What is true under RUPA?

Answer 2

Any 1 partner may be held personally liable for the partnership’s entire indebtedness
Title to land may be taken in the partnership name
The partnership may sue and be sued in the partnership name

Question 3

When A holds himself out to be partner (and has consent of other partners) – but in fact is not a partner And tells X about this then:

Answer 3

Then A is personally liable to X

Question 4

What is true of liability of partners in a partnership?

Answer 4

• Each partner is jointly and severally liable for all physical torts committed by a co- partner in the course of partnership business
• each partner is jointly and severally liable for frauds committed by a co- partner in the course of partnership business, even though he does not know of or participate in the fraud.
• where there is joint and several liability an action may be brought against one or more partners of the partnership.