In resolving disputes over whether a business enterprise may be characterized as a partnership, a court will look to see whether the existing business relationship involves: a sharing of profits a sharing of losses an equal right in management all of the above

Earl owes the Circle Ranch (a partnership) $1,000. Earl agrees to pay the Ranch a percentage of his profits until the debt is paid. Because of this, the Ranch is Earl’s: general partner limited partner creditor none of the above

Fred and Barney are the only partners in a business. John obtains a judgment against the partnership. The liability of the partnership must first be paid out of assets owned: by the partnership jointly by Fred and Barney separately by Fred or Barney none of the above

Al and Betty agree while talking on the telephone to form a partnership. Their partnership agreement is legally binding: only if it is reduced to writing only if valid consideration is exchanged without any further measures none of the above

Hugh and Cray are partners. Without Hugh’s knowledge, Cray commits fraud on behalf of the partnership that results in default on 2 bank loans. Regarding the loans, Hugh is: not responsible at all not responsible unless he declares bankruptcy responsible none of the above

A decision by the members of a partnership to enter an entirely new business would probably have to be approved by; a majority of the partners the managing partner all of the partners none of the above

Stacey, a partner in an architectural firm, owes $40,000 personally to several creditors. To satisfy these debts, the creditors may obtain a charging order entitling them to: Stacey's interests in partnership property Stacey's profits as a partner both A and B none of the above

Al and Ed are partners. Ed dies. Anita, Ed’s widow, files suit to get Ed’s desk and chair. The fact that these were purchased by the partnership will: enable Al to defeat her claims Al can win though he must account for Ed's share not prevent Anita from taking possession none of the above

In general, a partner who devotes his time and energy to partnership business will not get compensation if the agreement is silent be entitled to compensation even if agreement is silent be entitled to compensation if an equity partner none of the above

Erica is a partner in a firm and applies for a loan for the partnership without authorization from the other partners. If the bank knows Erica is not authorized then: the partnership will be liable Erica alone will be liable Erica and the partnership will be jointly liable Erica and the partnership will be jointly and severally liable

Ben is admitted to an existing partnership. Several debts and obligations incurred prior to the date of his admission become due. Ben is: personally liable for the obligations liable up to the amount of his capital contribution not obligated under these debts none of the above

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