Under the Revised Uniform Partnership Act (RUPA), When a Partnership

question 5

Multiple Choice

Under the Revised Uniform Partnership Act (RUPA) , when a partnership that has suffered losses winds up, _____.

• A) all partners are paid in full before outside creditors who loaned money are given anything
• B) all partnership creditors are paid first
• C) all partnership creditors are paid even when all the partners' capital accounts are negative
• D) the partners who have negative capital accounts are not required by law to contribute to the partnership the amount of the deficiency

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Definitions:

Parental

relating to a parent or parents, including their role, duties, or responsibilities.

Legal Aspects

The components and considerations related to law, including statutory, regulatory, and judicial principles governing a particular subject or activity.

Noncustodial Fathers

Fathers who do not have legal custody of their children and typically have specific visitation rights.

Stepfather

A man who is married to one's mother after the divorce of one's parents or the death of one's biological father, and who may act as a parent to one's self.