An Assignee of a Partner's Interest Does Not Become a Partner

question 35

Multiple Choice

An assignee of a partner's interest does not become a partner without the consent of the other partners and is only entitled to: _______.

• A) participate in the management of the partnership.
• B) receive the assignor's share of the profits during the term of the partnership and the assignor's share of capital on dissolution.
• C) inspect the books of the partnership.
• D) vote on matters concerning the business of the partnership.

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Definitions:

United States

A country in North America consisting of 50 states, a federal district, five major self-governing territories, and various possessions.

Sales Taxes

Taxes imposed by governments on sales of goods and services, typically calculated as a percentage of the sale price.

Digressive

Relating to or denoting a method that reduces in pace or intensity over time or steps, often used in taxation to describe tax rates that increase less proportionally with the amount subject to tax.

Regressive

Pertaining to a tax system where the tax rate decreases as the taxable amount increases, disproportionately affecting lower-income individuals.