300 Chapter 10 Unincorporated Associations The agreement to hold Fein harmless f
ID: 2579630 • Letter: 3
Question
300 Chapter 10 Unincorporated Associations The agreement to hold Fein harmless for all past, present, and future liabilities of ABC will a. Prevent 10.097 partnership creditors from holding Fein personally liable only as to those liabilities of ABC b. Prevent partnership creditors from holding Fein personally liable for the past, present, and future liabilitie c. Not affect the rights of partnership creditors to hold Fein personally liable for those liabilities of ABC d. Permit Fein to recover from the other partners only amounts he has paid in excess of his proportionate existing at the time of Fein's withdrawa of ABC existing at the time of his withdrawal share. 10.098 Jane White acquired Zelmo's partnership interest in ZBA Partnership. All partners agreed to admit White as a partner. Unless otherwise agreed, White's admission to the partnership will automatically a. Release Zelmo from personal liability on partnership debts arising prior to the sale of his partnership interest. b. Release Zelmo from any liability on partnership debts arising subsequent to the sale of his partnership interest. c. Subject White to unlimited personal liability on partnership debts arising prior to her admission as a partner. d. Limit White's liability on partnership debts arising prior to her admission as a partner to her interest in partnership property Long. Pine, and Rice originally contributed $100.000. $60.000, and $20,000, respectively, to form the LPR Partnership. Profits and losses of LPR are to be distributed 1/2 to Long. 1/3 to Pine, and 1/6 to Rice. After operating for one year, LPR's total assets on its books are S244,000, total liabilities to outside creditors are $160,000 and total capital i of the partners are solvent and the assets of LPR are sold for $172,000 s $84,000. The partners made no withdrawals. LPR has decided to liquidate. If al a. Rice will personally have to contribute an additional $8,000. b. Pine will personally have to contribute an additional $4,000. c. Long, Pine, and Rice will receive $6,000, $4,000, and $2.000, respectively, as a return of capital. d. Long and Pine will receive $28,000 and $4,000, respectively, and Rice will have to contribute arn additional $20,000 Donaldson reached the mandatory retirement age as a partner of the Malcomb a Edwards was chosen by the remaining partners to succeed Donaldson. The remaining partners a 10.100 nd Black partnership. greed toExplanation / Answer
Solution:
10.097) c. Not affect the rights of partnership creditors to hold Fein personally liable for those liabilities of ABC existing at the time of his withdrawal.
10.098) d. Limit White's liability on partnership debts arising prior to her admission as a partner to her interest inpartnership property.
10.099) a. Rice will personally have to contribute an additional $8,000.
10.100) c. Donaldson has no continuing potential liability to firm creditors as a result of the agreements contained in the retirement plan.
10.101) b. It has the legal effect of Preventing a dissolution upon the death or withdrwal of a partner.
10.102) c. Holmes is fully liable to firm creditors for liabilities occurring before and after his entry into the partnership.
10.103) c. Secured Obligations are disregarded entirely insofar as the order of distribution.
10.104) b. Grand has the apparent authority to bind the partnership in contracts she makes with persons unaware of her retirement who have previously dealt with the partnership.
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