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:

Aggressively

In a manner that is forceful, energetic, or determined, often aiming to dominate or assert oneself.

Criticism

The expression of disapproval of someone or something based on perceived faults or mistakes.

Narcissistic People

Individuals exhibiting narcissism, characterized by an inflated sense of their own importance, a deep need for excessive attention and admiration, troubled relationships, and a lack of empathy for others.

Modesty

A behavior, manner, or appearance intended to avoid impropriety or indecency, often culturally defined.