General Partnership Quiz

2. One partner delegated to see to the management of the partnership.
3. Filed for public record by partner or interested parties to contradict the statement of authority.
4. Individual responsible for the sales and distribution of assets and debt settlements in a partnership undergoing the process of liquidation.
5. A form of ownership under the UPA where all partners are co-owners with equal right to posses the property of the partnership, without right to possess the property for any other purpose other than for partnership purpose.
6. Finishing current business, settle accounts, and turn property into cash to end the business and split assets.
7. A document known as the contract entered into by all partners setting forth the agreed upon terms of the partnership.
9. Approved in 1914, designed to codify existing statutory and common law, and recommend it for adoption by all state legislatures.
11. Individual responsible for the sales and distribution of assets and debt settlements in a partnership undergoing the process of liquidation.
13. When the issue of debt arises, the creditor may sue the partners as a whole, or individually.
14. An association of two or more persons to carry on as co-owners a business for profit

1. Organization that along with the American Law Institute, proposes various Model Acts and Uniform Acts for adaptation by the states.
4. The termination of corporation, partnership, or other business entity’s existence.
8. A typical partnership in which all partners are general partners.
10. Partnership formed for an indefinite amount of time, without designated ending date.
12. When a partner withdraws or ceases to be associated in the carrying on of the partnership business.