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QUESTION 4 General partnerships are frequently used in finance, accounting, real estate, and law. True...

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QUESTION 4 General partnerships are frequently used in finance, accounting, real estate, and law. True False QUESTION 5 Absent an agreement otherwise, upon dissolution, a partner is entitled to which of the following after payment of partnership creditors? a. A share of profits based on the degree of participation in management O. The UPA requires that the partners have an agreement or else they must seek a court order distributing the remaining assets c. A share of profits in proportion to capital contribution d. Under the UPA, repayment of his capital contribution during the winding up of the firm QUESTION 6 1 Partners may elect to have the partnership not be a separate taxable entity, so that only the partners are taxed. True False

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