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- Was it good for Jacoby, Meyers, and Koff to set up a general partnership for their Jacoby & Meyers law firm?Shelly and Nadine bought a store building and took title as joint tenants. Nadine died testate. Shelly now owns the store a) As a joint tenant with rights of survivorship b) In severalty c) As a tenant in common with Nadine’s heirs d) In trust86. The following rights of partner who has not caused dissolution wrongfully, except: a. To have the partnership property applied to discharge the liabilities of the partnership. b. To have the suplus, if any, applied to pay in cash the net amount owing to the respective partners. c. To continue the business in the same name either by themselves or jointly with O others during the agreed term of the partnership and for that purpose may possess the partnership property. d. To be indemnified for damages caused by the partner who did not caused the dissolution wrongfully.
- In Suzanne’s will, she left her home and five acres to her niece, Abrhianna. However, before her death, Suzanne sold the property to Clark, providing a deed in fee simple. At the moment of Suzanne’s death, who owns the property? Select the right answer. a) neither Clark nor Abrhianna own the property. b) Clark and Abrhianna become co-owners of the property. c) Clark owns the property.Dennis is the oldest among the four shareholders and is in the poorest health. He is concerned that upon his death his wife will be stuck with the shares, because there will be no market for them. However, he would like her to be able to use the proceeds from selling the shares for living expenses. For their part, Able, Baker, and Carter like Mrs. Dennis, but are not interested in being co-owners of the business with her. And they certainly do not want her to sell Dennis's shares to an unknown third party. So, they four have agreed that upon Dennis's death, Mrs. Dennis will be obligated to sell one third of the shares to Able, one third to Baker, and one third to Carter. Able, Baker, and Carter agree to buy the shares at a price figured according to a predetermined formula. What kind of transfer restriction is this? Multiple Choice Option agreement Right of first refusal Provision disqualifying purchasers Buy-and-sell agreement Consent constraintEvelyn, Francis and George, run a business buying and selling wigs. They have been advised by their lawyer to form a private limited company to run the business. They have contacted you for a second opinion, particularly in respect of: 1. The extent to which their liability will be limited; 2. Wether they will be able to exercise the same control over the private company as they did with the partnership.
- 18. Don Romantico died leaving behind his widow, Donya Romantica, his legitimate children Roman and Ramon and illegitimate child Anna, as heirs. The spouses had the following properties: Exclusive properties of Don Romantico Exclusive properties of Donya Romantica Net common properties How will the estate of Don Romantico be partitioned assuming he died intestate? P20,000,000 15,000,000 40,000,0001.Harold died not having left a Will. At the time of death he held the following assets: city apartment worth $400,000; a listed company shares worth $400,000; bank savings of $10,000; and other household items worth a cumulative total of $20,000 Harold also had a mortgage attached to his city apartment of $200,000, and a life insurance policy secured on his life which paid into his estate an amount of $200,000. Harold legally married Wendy in his early twenties but separated shortly thereafter but not before the birth of their son, Charlie. No formal divorce was obtained. This was 20 years ago and Charlie is now an adult and not dependant on either Harold (or his mother). At the time of his death Harold had a domestic partner Fred, with whom they adopted Lucille who is 9. On Harold's death, how much of Harold's estate will Charlie receive? $182,500 $232,500 $245,000 $365,000 $540,000 2. An individual is concerned that his Will might be contested following his death, or that the…1. Which of the following is an advantage of partnerships? a. Each partner has limited liability for the debts of a business. b. Each partner is responsible only for his or her acts. c. A business continues to exist even after the death of any one partner. d. More capital can be raised since good credit may be available. 2. Which of the following factors should be considered while choosing the proper legal form for a business? a. Packaging of the product b. Location of the factory c. Nature of the business d. Name of the product 3. Once the choice of a legal form for a new business has been made, it cannot be changed until the business is dissolved or sold. a. True b. False 4. An equal partnership between owners is advisable in order to facilitate decision-making. a. True b. False 5. Which of the following is an advantage of a corporation? a. It cannot make use of a business owner's personal property…
- Mr. Salim and Mr. Nassir started a limited partnership business. Both agreed that Mr. Salim will be a general partner and Mr. Nassir will be a limited- liability partner. The business could not run successfully and closed after 2 years. It had debts/loans of OMR 20,000 while business assets only were sold for OMR12000. Who will pay the remaining OMR 8000 difference? a. No partner will pay this remaining difference b. Mr. Salim because he is a general partner and fully liable c. Both partners will pay equally d. Mr. Nassir because he is a limited-liability partner and fully liableCertain obligations exist with Life Estates in Effect: a) Owner does not possess the property, has no rights to rent the property, does not maintain the property, responsible for none of the costs and expenses, and you hold possession as long as you live. If you die, the estate reverts back to me as an 'estate in remainder. b) Owner does possess the property, has rights to rent the property, does maintain the property, is responsible for the costs and expenses, and you hold possession as long as you live. If you die, the estate reverts back to me as an 'estate in remainder'. c) Owner does not possess the property, has rights to rent the property, does not maintain the property, responsible for none of the costs and expenses, and you hold possession as long as you live. If you die, the estate reverts back to me as an 'estate in remainder'. d) Owner does not possess the property, has no rights to rent the property, does not maintain the property, responsible for none of the costs and…A and B form the equal AB partnership. A is a cash basis individual taxpayer and B is an accrual basis taxpayer. As an individual, long-term capital gains will be taxed at a preferential rate for A. The AB partnership expects to have equal amounts of ordinary income and capital gains every year. The partnership agreement provides that A will be allocated all of the capital gains and B will be allocated all of the ordinary income. Capital accounts are properly maintained, any distributions in liquidation will be made in accordance with each partners capital account, and both partners are required to restore deficit capital accounts upon liquidation. Will this allocation have substantial economic effect? A Why or why not?