1. A partnership is terminated in the event
(a) a partnership agreement is not in writing,
(b) a partner dies,
(c) a partner exercises mutual agency.
2. What does the term unlimited liability mean when applied to a general partnership?
3. Which of the following forms of organization do not provide limited liability to all of its owners?
(a) S corporation,
(b) limited liability company,
(c) limited partnership.
4. Denzel and Shantell form a partnership by contributing $70,000 and $35,000, respectively. They agree to an interest allowance equal to 10% of each partner’s capital balance at the beginning of the year, with the remaining income shared equally. Allocate first year income of $40,000 to each partner.