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

question 23

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:

Significant Others

Individuals who have a major impact on one's life and well-being, often including but not limited to romantic partners, close family members, and best friends.

Relatives

are people who are connected to an individual by blood or marriage, encompassing a wide range of familial relationships like parents, siblings, cousins, and in-laws.

Exosystem

A socio-ecological model layer affecting a person indirectly, involving contexts or settings that do not include the person but still influence their experiences.

Microsystem

The immediate environment in which an individual personally interacts, such as family, school, or workplace, influencing development and socialization.