Under the UPA, Absent an Agreement Otherwise, Upon Dissolution, a Partner

question 34

Multiple Choice

Under the UPA, absent an agreement otherwise, upon dissolution, a partner is entitled to which of the following after payment of partnership creditors?

• A) A share of profits in proportion to his capital contribution.
• B) Shares of profits dependent upon the capital and time he contributed to the partnership.
• C) Repayment of his loans to the partnership, capital contribution, and a share of the profits.
• D) The UPA requires that the partners have an agreement or else they must seek a court order distributing the remaining assets.

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Definitions:

Homeopathy

A system of alternative medicine based on the principle that like cures like, using highly diluted substances that cause symptoms in healthy people to treat similar symptoms in sick people.

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The unexpected improvement or cure of a disease or condition that occurs without medical intervention.

Problem-Focused Coping

A coping strategy aimed at addressing the root cause of stress rather than merely alleviating its symptoms.

Personal Control

The extent to which people perceive control over their environment rather than feeling helpless.