The partners' rights in partnership entitle them to:

A. take possession of any item of partnership property for personal purposes if its value does not exceed their share of the assets of the partnership.
B. devise to an heir any individual item of the firm's property.
C. take possession of any item of partnership property for partnership purposes only.
D. sell any item of the firm's property if its value does not exceed their share of the assets of the partnership.


Answer: C

Business

You might also like to view...

Which of the following types of distribution involves severely limiting the number of channel intermediaries?

A) exclusive B) selective C) intensive D) aggressive E) retail

Business

The review of a capital budgeting decision to determine whether a project was accepted that should have been rejected is referred to as:

A. a capital review. B. a postaudit. C. an audit. D. a preaudit.

Business

Cora and Bruce have an executory contract for the sale of some goods. Cora files for bankruptcy and is then discharged by the bankruptcy court. Cora has no obligation to perform under the contract

Indicate whether the statement is true or false

Business

A(n) ________ may be brought by one or more shareholders to enforce a corporate right, or to remedy a wrong to the corporation when the directors of the corporation fail or refuse to take appropriate action.

A. derivative action B. class action C. representative action D. individual shareholder action

Business