17. Wind, who has been a partner in the PLW general partnership for four years, decides to withdraw from the partnership despite a written partnership agreement that states, “no partner may withdraw for a period of five years.” Under the Uniform Partnership Act, what is the result of Wind’s withdrawal? a. Wind’s withdrawal causes a dissolution of the partnership by operation of law. b. Wind’s withdrawal has NO bearing on the continued operation of the partnership by the remaining partners. c. Wind’s withdrawal is NOT effective until Wind obtains a court-ordered decree of dissolution. d. Wind’s withdrawal causes a dissolution of the partnership despite being in violation of the partnership agreement.

d More test answers on https://studyhippo.com/module-25-business-structure/

16. Under the Revised Uniform Partnership Act, in which of the follow9ing cases will property be deemed to be partnership property? I. A partner acquires property in the partnership name. II. A partner acquires title to it in his/her own name using partnership funds. III. Property owned previously by a partner is used in the partnership business. a. I only. b. I and II only. c. II only. d. I, II, and III.

b More test answers on https://studyhippo.com/module-25-business-structure/

The Uniform Partnership Act governs the operation of partnerships

F More test answers on https://studyhippo.com/business-law-1-finals/

The Uniform Partnership Act governs the operation of partnerships.

True More test answers on https://studyhippo.com/bus-law-chapter-19/

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Uniform Partnership Act Flashcards, test questions and answers

Q: Uniform Partnership Act (UPA)

a model act that codifies partnership law. most states have adopted this in whole or in part. More test answers on https://studyhippo.com/business-organizations-general-partnershipspgs-682-691/

Q: The Uniform Partnership Act (UPA)

The UPA governs the operation of partnerships in the absence of express agreements and has reduced controversies in the law relating to partnerships. More test answers on https://studyhippo.com/chapter-17-small-business-organizations/

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What is Uniform Partnership Act?

The Uniform Partnership Act (UPA) is a uniform act that provides a framework for the formation, governance, and dissolution of business partnerships. It was drafted by the National Conference of Commissioners on Uniform State Laws and approved in 1914. The UPA has been adopted, either fully or partially, by 47 states in the United States. The remaining three states have their own laws governing partnerships. The UPA provides a default set of rules for partnership agreements if none are specified in the agreement itself. These rules include setting out how profits and losses should be shared among partners; how decisions should be made; how accounts should be kept; and which actions require unanimous consent from all partners. Additionally, it outlines procedures to follow when a partner leaves or enters the agreement, such as requiring all other partners to provide notice to the new partner about any existing debts or liabilities that may affect their rights and obligations as members of the partnership. The UPA also grants limited liability protection to individual partners up to certain amounts unless there is an explicit agreement stating otherwise. This means that each partner is responsible only for his/her own contributions to the partnership instead of being held personally liable for any debts or liabilities incurred by other partners while they were part of the business venture. Finally, it provides guidance on dissolving a partnership including what steps must be taken before winding up operations; who will take ownership over assets after dissolution; and how disputes between parties should be resolved through arbitration or litigation if necessary.