Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
14 Cards in this Set
- Front
- Back
|
RUPA provides that "Property transferred to or otherwise acquired by a partnership is property of the partnership and not of the partners individually." True or False
|
True
|
|
|
Consistent with earlier UPA rules, RUPA provides that property is Partnership Property if acquired in the name of whom?
|
1. the Partnership
2. In the name of the Partner or Partners with at least one of the following indications: In the instrument that transferred title: a. The person's Capacity as partner b. The Existence of the Partnership |
|
|
Property is presumed to be partnership property when what occurs?
|
If purchased with Partnership Assets
|
|
|
When is property Separate from the partnership?
|
When property is acquired in the name of one or more partners without indication of: Partnership Capacity, or Existence of the Partnership, or without the use of Partnership Assets.
|
|
|
Partnerships have Entity Ownership of partnership property. What is Entiy Ownership?
|
Partnership Property is owned by the Partnership Entity, not by the partners in common.
|
|
|
A partner's Partnership Interest is considered what?
|
Personal Property
|
|
|
What does Partnership Interest give the partner the Right to?
|
1. Share in the partnership's Profits
2. Share in the partnership's Net Assets upon dissolution. |
|
|
The Creditor Restriction relating to Partnership Property is what?
|
No Creditor of an Individual Partner may attach partnership property to satisfy an Individual Debt.
|
|
|
What is the proper approach for creditors of Individual Partners?
|
The Charging Order
|
|
|
What is a Charging Order?
|
The judge orders the other partners to pay any Distribution Due to the debtor partner to that Partner's Creditor instead.
|
|
|
What does Assignment mean relating to Individual Partner debt?
|
Debtor partners may Assign (or creditors may seize) ONLY the Individual Partner's Interest in the Partnership (i.e. profits and net assets)
|
|
|
What is the rule regarding using PARTNERSHIP PROPERTY to satisfy the debts of Individual Partners?
|
Individual Partners MAY NOT ASSIGN and creditors of Individual Partners MAY NOT SEIZE Partnership Property to satisfy the debts of individual partners.
|
|
|
Can an Individual Partner assign his Partnership Interest to an Individual Creditor?
|
Yes
|
|
|
If an individual partner does assign to an individual creditor his or her partnership interest, does the creditor become a Partner?
|
NO
|
