Landrum Voluntarily Assigns His Transferable Interest in a Partnership to McClendon

question 44

True/False

Landrum voluntarily assigns his transferable interest in a partnership to McClendon. This act does not by itself result in the dissolution of the partnership, nor does it result in McClendon's being entitled to participate in the management of the partnership business.

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Definitions:

Shareholders

Individuals or entities that own one or more shares of stock in a corporation, thus having an ownership interest in the company.

Regulations

Rules and guidelines issued by governmental agencies to control or direct the conduct of activities.

Foreign Currency

Currency other than the functional currency of the entity, used in international transactions or financial statements.

Reporting Currency

The reporting currency is the currency used to present the financial statements of a company, usually the domestic currency of the country where the company is located.