As is the case with general partnerships, there are no filing requirements in order to form a
limited partnership.
Indicate whether the statement is true or false
FALSE
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In 2014, the smallest source of philanthropic contributions in the United States came from:
A. Corporations.
B. Bequests.
C. Individuals.
D. Foundations.
Which of the following persons is an agent?
a. Diane, a shoe salesperson for a retail store. b. Tim, a real estate broker for a large real estate company. c. Craig, a telephone marketing employee. d. All the above.
Answer the following statement(s) true (T) or false (F)
1. The partnership agreement may require each partner to contribute additional capital to the partnership as needed for the continuance of the partnership business. 2. Partners must pay income tax on the portion of the partnership income that is allocated to them. 3. The partnership is formed when the partnership agreement is filed with the secretary of state’s office. 4. All partners share in the profits and losses of the partnership to some extent.
Tess, a tenant, moves from her apartment in breach of the lease agreement. The landlord, Lenny, may not attempt to rent the apartment until the date of the lease expiration, and so has no recourse to minimize damages.
Answer the following statement true (T) or false (F)