12) Grant is fairly certain that his partner Jenny is keeping things secret from him in...

70.2K

Verified Solution

Question

General Management

12) Grant is fairly certain that his partner Jenny is keepingthings secret from him in their art deco design firm. Grant asksJenny to see the books. She agrees but doesn't allow him to makecopies. Grant said he has the right and Jenny said he does notbecause she is responsible for the books. Which is correct?

A) Grant, a partner has a right to copy partnership records.

B) Jenny, a partner does not have a right to copy anypartnership records.

C) They are both right, however, a partner only has a right tocopy partnership records that are not marked "confidential."

D) They are both right, however, a partner only has a right tocopy partnership records that are not marked "confidential" andthat are not being used in litigation.

E) Grant is correct, however, he only has a right to copypartnership records that directly impact that partner's right toprofits.

14) In their partnership agreement, Tulum is responsible for thebooks. The principal office of the partnership is in Denver butTulum works from home most of the time in Colorado Springs. Unlessotherwise agreed, the records of a partnership ________

A) are kept in a safety deposit box at the bank used by thepartnership.

B) are able to be taken to any partners home.

C) are to be kept at the location of the partnership's principalbusiness office.

D) can be kept in a locked box at Tulum's house and brought backto the business each week to be audited.

E) can be kept at all the different locations of thepartnership's business office.

16) Phillian and Millian enter into a partnership agreement andagree to bring in Millian's minor daughter Jillian to also serve asa partner in their partnership. Is this legal?

A) Yes, but the partnership agreement is voidable.

B) Yes, and the partnership agreement is valid.

C) No, this is not allowed by the UPA.

D) No, individuals serving as partners must have legal capacityto be partners and must be at least 18 years of age.

E) No, child labor laws do not allow minors to serve aspartners.

Answer & Explanation Solved by verified expert
4.3 Ratings (574 Votes)
12 Option a Grant a partner has a right to copy partnership records Each partner shall have a right to access to and to inspect and take copy of any records 14 Option c are to be    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students