Partner compete against the partnership business

Assignment Help Operation Management

Reference no: EM132228944

1. According to the RUPA (ie, absent any writing), a partner:

a. is entitled to a salary or wages.

b. is entitled to compensation based upon his capital contribution.

c. is entitled to an equal share of the profits.

d. is entitled to compensation based on the amount of time he contributes to the business.

2. Under what condition may a partner compete against the partnership business?

a. If the business is in the IT field

b. If all the partners have consented to the partner's activities

c. If the business is in a high demand field

d. If the partner pays a royalty to the partnership business

3. Tim is a partner at Starland Properties and gives one of Starland's customer lists to Sun Realty, the firm's leading competitor. In this situation, Tim has violated:

a. the duty to act with apparent authority.

b. the duty to indemnify partners.

c. the duty to account.

d. the duty to maintain confidentiality of partnership information.

4. Lara is a partner at Matador Services, a management consulting firm. She makes an agreement with Regal InfoTech whereby Matador will provide management consulting services for $75,000 to Regal, on the condition that Regal pays her $5,000 personally. Which of the following is true of this situation?

a. Lara has placed her own interests above those of the partnership.

b. Lara has exceeded her actual authority.

c. Lara is competing against her partnership.

d. Lara has not exercised her duty to serve.

5. Jack is the sole proprietor of his sewing business, Jack's Custom Tailoring. Jack is required to:

a. file the trade name under a state statute requiring the registration of fictitious business names.

b. put notice of his trade name in the local newspaper.

c. register the trade name with the state's attorney general's office.

d. file a separate federal tax return for the business.

Reference no: EM132228944

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