Relationship to Third Parties (Partnership)

Question 1

In a general partnership - what requires unanimous consent of all partners

Answer 1

1) Admission of a New Partner

2) Making Partnership a Surety

Question 2

A single partner

Answer 2

can cause dissolution by withdrawing

Question 3

Each partner

Answer 3

is an agent of the partnership and may purchase items for the business

Question 4

An individual partner may hire an employee because

Answer 4

it is viewed in the ordinary course of business

Question 5

Apparent Authority of a partner to bind the partnership

Answer 5

Is limited if a 3rd party is aware of the formal resolution that limits partner’s actual authority

Question 6

Under the revised uniform partnership act Partners have joint and several liability for

Answer 6

Torts and Breach of Contract

Question 7

A partner’s interest in a partnership

Answer 7

is freely assignable without consent from other partners

Question 8

What is partner’s interest

Answer 8

partner’s right to share in profits and return of contributions