2 pts Question 39 Lloyd and Harry decide to start a partnership called "Dumbest Doughnuts." They agree to create a general partnership. Within a month of starting the partnership, Harry decides he no longer wants to be in a partnership with Lloyd and wants to transfer his interest to Sea Bass. Lloyd does not give his consent for the transfer. If Sea Bass purchases Harry's interest, which statement is true as to what Sea Bass has legally purchased: Sea Bass will take Harry's share when Dumbest Doughnuts distributes profits. Any transfer of interest is invalid as Harry did not obtain Lloyd's permission to transfer his interest. Sea Bass is now a managing partner with Lloyd in Dumbest Doughnuts and has a right to a share of the profits. Sea Bass's interest is limited to the management and control of the partnership. Question 40 2 pts Multiple Answer Options: Select all answers that are correct, whether that is one answer or more. Katniss is an owner of a company called Hunger Games that manufactures and distributes archery equipment. You are awarded damages in a lawsuit against Hunger Games in the amount of $2.5 million. Hunger Games assets total $800,000. Katniss can be held personally liable based solely on her ownership of the company in which of the following structures: Hunger Games is a general partnership with Katniss as a general partner. Hunger Games is a limited partnership with Katniss as a limited partner. Hunger Games is a Manager-Managed, LLC with Katniss as a member and a manager. Hunger Games is a corporation with Katniss as a shareholder. Question 41 2 pts President's Club is a successful corporation of retail shops focusing on political memorabilia and souvenirs throughout just the Washington, D.C. area. Nixon is the executive Vice-President with an MBA and 30 years of experience. Nixon signed an Employment Contract, which includes a noncompete provision that Nixon, upon termination of employment from either party, cannot take any employment position in the memorabilia/souvenir industry for one year. Because of some workplace issues, Nixon quits his job and immediately takes a job with the President's Club's main competitor, D.C.'s Dependable Goods. The President's Club sues Nixon for breach of the noncompete provision, which outcome is the most likely: The President's Club will win because the law gives parties freedom to contract as they see fit, and Nixon signed and breached the Employment Contract by accepting employment with D.C's Dependable Goods. The President's Club will win because the noncompete clause was reasonably restricted. Nixon will win becahse the noncompete clause is not valid. Nixon will win because the law does not allow restrictions on an employee's right to work for the employer of their choice