Which of the Following Is Correct with Regard to Partnership

question 52

Multiple Choice

Which of the following is correct with regard to partnership property?

• A) Like partnership capital, it is a fixed amount set forth in the articles of partnership.
• B) Under the RUPA, there is a rebuttable presumption that unless a contrary intention appears, property acquired with partnership funds is partnership property.
• C) The RUPA sets forth two irrebuttable presumptions that apply when the partners did not express their intent, one of which is that property acquired in the name of one of the partners without an indication of her capacity as a partner and without use of partnership funds is presumed to be that partner's separate property.
• D) If there is no express agreement whether property owned by a partner before formation of the partnership and used in the partnership business is an asset of the partnership, the fact that taxes, liens, and expenses have been paid by the partnership is irrelevant.

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Definitions:

Civil Rights

The rights of individuals to receive equal treatment (and to be free from unfair treatment or discrimination) in a number of settings – including education, employment, housing, and more – based on certain legally-protected characteristics.

Segregation

The enforced separation of different racial, ethnic, or socio-economic groups within society, historically manifested through discriminatory laws and practices.

Jim Crow

Laws or practices that enforced racial segregation and discrimination against African Americans in the southern United States, primarily from the late 19th century through the mid-20th century.

Fourteenth Amendment

An amendment to the U.S. Constitution, ratified in 1868, that grants citizenship to all persons born or naturalized in the United States, including former slaves, and provides all citizens with “equal protection under the laws.”