What is true about a partner's right to participate in the management of the partnership?
A) It exists automatically, and cannot be eliminated in the partnership agreement.
B) It exists only if the partner has been elected as an officer or management committee
member.
C) It exists only if the partnership agreement gives the partner this right.
D) It exists automatically, but can be eliminated in the partnership agreement.
D
You might also like to view...
A method of assigning merchandise cost that requires that each item sold and each item remaining in inventory be separately identified with respect to its purchase cost is called last-in, first-out
a. True b. False Indicate whether the statement is true or false
Leon is the creative director for an agency that has just been hired by a manufacturer of golfing equipment to create a new advertising campaign for the company's titanium clubs. Before developing any creative ideas, Leon reads some golfing magazines and spends time talking to friends and co-workers who play golf. These activities are part of the ________ step of the creative process outlined by Graham Wallas.
A. verification B. preparation C. incubation D. illumination E. revision
The Chester Company has issued 10%, nonparticipating, cumulative preferred stock with a total par value of $400,000 and common stock with a total par value of $800,000. No dividends are in arrears. How much cash will be paid to the preferred stockholders and the common stockholders, respectively, if cash dividends of $180,000 are distributed?
A) $80,000 to preferred and $100,000 to common B) $60,000 to preferred and $120,000 to common C) $55,000 to preferred and $125,000 to common D) $40,000 to preferred and $140,000 to common
Misdemeanors are less serious crimes than felonies
Indicate whether the statement is true or false