Lou, Pete, and Carl Are All Partners in a Feed

question 50

Multiple Choice

Lou, Pete, and Carl are all partners in a feed store business. Carl would like to retire but wants his son, Carl Jr., to take his place as partner. Is there any way Carl can have his son become a partner ?

• A) Only by getting agreement from any two existing partners.
• B) No, because it's only Carl's profits that can be assigned.
• C) Yes, with the consent of all existing partners.
• D) Yes, by bringing Carl Jr. in as manager and then working him into a partner position.
• E) Yes, since partnership positions can be transferred through assignment.

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