Jane, Keegan, and Lois Are Partners in a State That

question 65

Multiple Choice

Jane, Keegan, and Lois are partners in a state that has adopted the RUPA. Jane intends to retire and withdraw from the partnership at the end of the year. Jane is liable to the firm's creditors:

• A) for a partnership obligation incurred within two years after dissociation if the partnership did not dissolve and if at the time of entering into the transaction the other party reasonably believed Jane was then a partner.
• B) only for all debts incurred prior to her retirement.
• C) for an amount not to exceed her initial capital contribution to the partnership.
• D) for an amount not to exceed her partnership interest on the day of her retirement.

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Definitions:

Bromo

A prefix indicating the presence of a bromine atom in an organic compound, typically used in nomenclature to denote substitution position.

IUPAC Name

The systematic naming convention for chemical substances assigned based on the structure of molecules, according to rules established by the International Union of Pure and Applied Chemistry.

Alkane

A saturated hydrocarbon with single bonds only, having the general molecular formula CnH2n+2, where n is the number of carbon atoms.

Molecular Formula

A notation showing the types and numbers of atoms in a molecule, without indicating their arrangement.