Match Each Statement with the Correct Term Below

question 54

Multiple Choice

Match each statement with the correct term below.
-duty of care

• A)An association of two or more persons to carry on as co-owners a business for profit.
• B)An organization has a legal existence separate from its members.
• C)Member of a limited partnership with liability for its debts only to the extent of her capital contributions and with no right of control of the business.
• D)Total money and property contributed by the partners for permanent use by the partnership.
• E)Duty of utmost loyalty, fairness, and good faith owed by partners to each other and to the partnership.
• F)Duty owed by partners to manage the partnership affairs without gross negligence, reckless conduct, intentional misconduct, or knowing violation of the law.
• G)Right one has to choose his partners.
• H)Any partner's ceasing to be associated in the carrying on of the business.
• I)Judicial lien that may be obtained against a partner's transferable interest in a partnership.
• J)Completing unfinished business, collecting debts, and distributing assets; also called liquidation.
• K)Sum of all partnership's assets, including all property acquired by a partnership.
• L)A general partnership that, by making a statutorily required filing, limits liability of its partners.
• M)A partnership formed by two or more persons under the laws of a state and having one or more general partners and one or more limited partners.
• N)An unincorporated business organization that provides limited liability to all of its owners and permits all of its members to participate in management.
• O)A group of individuals not having a legal existence separate from that of its members.
• P)Under the UPA, the change in relation of partners caused by any partner's ceasing to be associated in the carrying on of the business; under the RUPA, situations requiring a partnership to wind up and terminate.

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Definitions:

Harvest Coconuts

The process of gathering coconuts from coconut palms, which can involve climbing the trees or using long tools to reach the fruits.

Movement

The change in position or location, often used in economics to describe changes on graphs such as shifts in demand or supply curves.

Demand Curve

A chart that illustrates the connection between a product's price and the amount consumers are willing to buy, usually showing a decline as prices increase.

Running Shoes

Footwear designed specifically for running, featuring cushioning and support to protect the feet and enhance performance.