James Was a Partner in a Large Firm

question 29

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)Frank may become a partner only if his father's will specified such action.

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Definitions:

Planning

The process of setting objectives, determining strategies to achieve those objectives, and developing plans to integrate and coordinate activities.

Observable Organizational Culture

Aspects of an organization's culture that can be seen or experienced directly, such as rituals, ceremonies, and everyday behaviors.

Nonverbal Expressions

Methods of conveying messages and emotions without the use of spoken words, including facial expressions, gestures, and body posture.

Observable Culture

The elements of culture such as rituals, symbols, and behaviors that can be seen and experienced in an organization.