Ramos, Inc

question 20

True/False

Ramos, Inc. has monthly revenues of $30,000 and monthly expenses of $18,000, and the company paid $4,000 in dividends. Therefore, net income for the month is $8,000.

---

Definitions:

Criminally Liable

The legal responsibility for committing a violation of law that is designated as an offense against the state or public, subject to punishment.

Crimes of Partners

Illegal acts committed within the context of a partnership that can implicate both the individual partner and potentially the partnership.

RUPA

The Revised Uniform Partnership Act, which provides a regulatory framework for the operation of partnerships in the United States.

Illegality

Refers to the condition of being against the law or illegal.