Partner's Interest in the Partnership

Question 1

Each partner has a transferable interest in the partnership, which consists of what?

Answer 1

the partner’s share of profits, losses and distributions.

Question 2

A partner’s interest in a partnership is treated as what kind of property?

Answer 2

personal property

Question 3

Is a partner’s interest in the partnership transferable?

Answer 3

yes

Question 4

Is a partner’s interest in the partnership attachable?

Answer 4

yes

Question 5

Does the transferring of a partner’s interest in the partnership dissolve the partnership?

Answer 5

no

Question 6

Unless otherwise stated, partners own ___________ shares of the profits and losses of a partnership.

Answer 6

equal

Question 7

How much must a partner contribute to the partnership when there are losses?

Answer 7

he must contribute money proportionate to his share of the partnership.

Question 8

Does a person to whom interest in a partnership is transferred have a say in the operation of the partnership?

Answer 8

no, they are entitled only to the transferor’s share of profits.

Question 9

When can a partner sell his partner status?

Answer 9

only where all the other partners unanimously consent.