1. . A, B, and C are partners. Each originally contributed $5,000 to the partnership. If,...

1. . A, B, and C are partners. Each originally contributed $5,000 to the partnership. If, after dissolution and liquidation, the firm's assets are $100,000 and its debts to creditors are $40,000, how much will be C's share of the assets if according to the partnership contract they are to be divided equally among the partners? Explain.

2. Without authority from his co-partners B and C, and in breach of their partnership agreement, A assigns a truck owned by the firm to Z, a creditor of A. Z demands the truck. The partners B and C refuse to relinquish it. Can the partnership be dissolved? Explain.

3. For 1992, XYZ Limited Partnership has a $50,000 loss. Carol is a limited partner of the firm. Must Carol pay for a share of this loss from her personal assets? Explain.

4. Bob, Carol, Ted, and Alice agree to for a limited partnership. They are prepared to execute and sign a certificate but are unsure what is required by the Uniform Limited Partnership Act. Explain to them what a certificate of limited partnership contains.

Expert Solution

ekkarill92 answered 1 year ago

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