Questions
Single choice
Under the RUPA, it is always possible for a partner to leave a firm when they want to. (Answer yes or no, and please explain.) BlackTom题目解析
Options
A.No, RUPA only allows a partner to leave if the firm is dissolved.
B.Yes, but the partner can only do so with the unanimous consent of the other partners.
C.No, RUPA does not give partners the unilateral right to leave when they wish.
D.Yes, it is always possible to leave the firm without liability.
View Explanation
Verified Answer
Please login to view
Step-by-Step Analysis
Consider the question about whether under RUPA a partner can unilaterally leave the firm anytime and explain the reasoning for each option.
Option 1: 'No, RUPA only allows a partner to leave if the firm is dissolved.' This statement misstates the framework. RUPA does not tie a partner’s ability to withdraw solely to dissolution; withdrawal rights are more nuanced and depend on ......Login to view full explanationLog in for full answers
We've collected over 50,000 authentic exam questions and detailed explanations from around the globe. Log in now and get instant access to the answers!
Similar Questions
Fred is a limited partner in the Bolton and Jost, Limited Partnership (Bolton & Jost). Bolton and Jost have developed several large apartment buildings in Iowa. In July of 2024, one of the general partners, Jost, became ill. Fred stepped in, took over Jost’s duties, and has been actively involved on a daily basis in running the Limited Partnership ever since. Jon and Ross have approached Fred and asked him to join them in forming a new partnership that would own apartment buildings in direct competition with Bolton and Jost.
Oak Street Design is a general partnership formed by Alex, Brooke, and Chen. The partnership agreement is silent regarding withdrawal of partners. After a disagreement over business strategy, Alex notifies Brooke and Chen that he is immediately withdrawing from the partnership and stops participating in the business. Brooke and Chen continue operating Oak Street Design under the same name and with the same clients. The partnership was formed for an indefinite term. No court order has been issued, and no agreement has been reached to wind up the business. Based on the facts above, which of the following statements is the most accurate?
Partnership law in Australia is regulated by:
When a partner leaves a partnership:
More Practical Tools for Students Powered by AI Study Helper
Making Your Study Simpler
Join us and instantly unlock extensive past papers & exclusive solutions to get a head start on your studies!