Absent an Agreement Otherwise,upon Dissolution,a Partner Is Entitled to Which

question 40

Multiple Choice

Absent an agreement otherwise,upon dissolution,a partner is entitled to which of the following after payment of partnership creditors?

• A) A share of profits in proportion to capital contribution
• B) A share of profits based on the degree of participation in management
• C) Under the UPA,repayment of his capital contribution during the winding up of the firm
• D) The UPA requires that the partners have an agreement or else they must seek a court order distributing the remaining assets

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Definitions:

Transportation of Property

The process of moving goods or possessions from one location to another, often involving logistical planning and legal considerations.

Constructive Possession

Refers to the legal doctrine where an individual is deemed to possess something, even if they don't physically have it, due to their power or intention to control it.

Present Intent

Present intent is a legal term referring to a person's immediate intention or determination to perform a particular act or to enter into a contract at the current moment.

Delivery

The process of transferring goods from one party to another.