When the Articles of Partnership Do Not Address the Matter,which

question 54

Multiple Choice

When the articles of partnership do not address the matter,which of the following is true regarding decisions requiring unanimous agreement among the partners?

• A) A decision to change some element of the partnership agreement, a decision to admit a new partner, and a decision to alter the nature of the firm's business all require unanimous agreement among the partners.
• B) A decision to change some element of the partnership agreement requires unanimous agreement, but a decision to admit a new partner and a decision to alter the nature of the firm's business may be made by majority vote.
• C) A decision to change some element of the partnership agreement and a decision to admit a new partner require unanimous agreement among the partners, but a decision to alter the nature of the firm's business may be made by majority vote.
• D) A decision to admit a new partner and a decision to alter the nature of the firm's business require unanimous agreement among the partners, but a decision to change some element of the partnership agreement may be made by majority vote.
• E) All decisions are made by majority vote and none require unanimous agreement.

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Definitions:

Planning Steps

The sequential actions or stages involved in developing and implementing a plan, including goal setting, strategy formulation, and allocation of resources.

Implement

To put into effect or action; to execute a plan, agreement, or measure.

Evaluate Results

The process of analyzing outcomes to determine the extent to which objectives or goals have been achieved.

Tactical Plans

Short-term strategies designed to implement specific aspects of a more comprehensive strategic plan.