#1 - 10 ARE EITHER

TRUE OR FALSE

1) The Uniform Partnership Act and the Revised Uniform Partnership Act do not dictate what relations among partners must be.

2) As per the Revised Uniform Partnership Act (RUPA), a partnership agreement may eliminate the duty of loyalty so as long as that is not manifestly unreasonable.

3) If no provision relating to the distribution of profits and losses is stated in the partnership agreement, then under RUPA Section 401(b), "each partner is entitled to an equal share of the partnership profits and is chargeable with a share of the partnership losses in proportion to the partner's share of profits.

4) A person working for a partnership firm who is not a partner is an associate and usually gets only a salary.

5) As per the Section 401(d) of the Revised Uniform Partnership Act (RUPA), a partner is entitled for remuneration for all the services performed by him for the partnership

6) The freedom to select new partners is absolute.

7) Specific property interest of a tenant in partnership vests in the surviving partners, not in the heirs

8) A judgement creditor has the right to obtain a charging order.

9) The partnership firm is not liable, if a single partner disposes of the firm's goodwill.

10) The Revised Uniform Partnership Act (RUPA), generally, requires the judgment creditor to exhaust the partnership's assets before going after the separate assets of a partner.