Peter,Kathy,and Soren Are Partners in a Hardware Store Business

question 65

Multiple Choice

Peter,Kathy,and Soren are partners in a hardware store business.Peter wants to retire and have his son,Mac,assume his place in the partnership.Which of the following is TRUE?

• A)Peter cannot make Mac a partner because unanimous consent is required to admit a new partner.
• B)Peter can make Mac a partner by obtaining the consent of one of the other partners.
• C)Peter can make Mac a partner because every partner is entitled to choose their successor.
• D)Peter cannot make Mac a partner unless he has first worked in the partnership business.
• E)Peter can make Mac a partner because partnership interests can be assigned.

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Definitions:

Direct Tax

A tax levied directly on an individual or an organization's income or wealth, such as income tax or property tax.

Local Property Taxes

Taxes imposed by local governments based on the assessed value of property, primarily real estate, used to fund local services such as schools, roads, and police.

Industrial Countries

Nations with developed economies characterized by significant industrial activity and high income per capita.

Public Goods

Goods that are non-excludable and non-rivalrous in consumption, meaning they are available for everyone to consume, without diminishing the availability for others.