James Was a Partner in a Large Firm

question 33

Multiple Choice

James was a partner in a large firm.He died unexpectedly.His son,Frank,wanted to take over for his father in the partnership and was well qualified to do the work his father had done.Which statement best describes Frank's rights in the partnership if he inherits the interest?

• A) Frank has a right to take over for his father in the partnership.
• B) Frank is entitled to the value in the partnership, but not to become a full partner.
• C) Frank has no rights to his father's partnership interest.
• D) None of the above.

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Definitions:

Promotional Allowances

Financial incentives or discounts offered by suppliers to their distributors or retailers to encourage the promotion of specific products.

Sale Of Securities

The act of selling stocks, bonds, or other financial instruments, typically in the financial markets.

Profits

The financial gain obtained after subtracting expenses from revenue.

Patent

A government-granted exclusive right to an inventor, allowing them to prevent others from making, using, or selling their invention for a certain period.