All flashcards
20 cards
1If a partnership agreement does not include any provisions about fiduciary duties, do the partners owe each other or the partnership any fiduciary ...
2Do partners have an obligation to act on behalf of the partnership rather than in their own interests?
3What is the duty of care that partners owe the other partners and the partnership?
4Unless the partnership agreement itself provides otherwise, is the unanimous consent of all partners required to amend a partnership agreement?
5Six people formed a general partnership to develop real property. After a number of setbacks, some of the partners realized that the project needed...
6Three friends formed a general partnership for landscaping services. The company’s profits were far higher than any of the partners had expected. O...
7Under the Revised Uniform Partnership Act (RUPA), if a general-partnership agreement does not address how to distribute profits among partners, how...
8How are partnership profits and losses distributed under the RUPA?
9A general partnership had three partners. The first partner contributed $200,000 to start the venture. The second partner contributed $75,000. The ...
10Two individuals agreed to start a term general partnership to build and sell a new apartment building. The first partner contributed $100,000 to th...
11Do partners have rights in the management of the partnership business?
12A general partnership was considering the following two proposals: (1) an amendment to the partnership agreement altering the required vote for par...
13Can a partnership agreement modify the duty of care?
14Does an act of ordinary negligence breach a partner’s duty of care?
15A company was interested in buying a storage facility. The company’s general partners decided to purchase the first facility they looked at. The pu...
16A partner was tasked with making decisions about how to invest some partnership assets. The partner talked to a variety of financial advisors and d...
17What is the duty of loyalty owed by partners?
18Can a partnership agreement eliminate the duty of loyalty?
19A company’s general partnership agreement provided that the partners were allowed to compete with the partnership in buying commercial real estate....
20A general partnership was interested in acquiring a local manufacturing facility. The partnership was unaware that the facility was owned by one of...
All flashcards
20 cards