Asked by Priscila Troche on May 31, 2024
Verified
Which of the following statements about a partner's partnership interest is false?
A) The RUPA gives ownership of partnership property to the partners.
B) A partner's partnership interest includes his transferable interest.
C) A partner has no individual ownership rights in partnership property.
D) Partners have the right to use partnership property for partnership purposes.
RUPA
The Revised Uniform Partnership Act, overseeing the functioning of partnerships within the United States.
Transferable Interest
A transferable interest refers to the share, right, or property that can be transferred from one party to another, often seen in the context of partnerships or membership interests in limited liability companies.
Ownership Rights
Legal rights that convey the ability to possess, use, and dispose of property, intellectual property, or other assets.
- Recognize the privileges and limitations tied to transferable interests in partnership settings.
- Acquire knowledge about the concept of property in a partnership and who owns it.
Verified Answer
VF
Vanesia FrenchJun 01, 2024
Final Answer :
A
Explanation :
A partner's ownership interest,called a partnership interest,embodies all a partners' rights in a partnership: (1)the partner's transferable interest and (2)the partner's management and other rights.Note that a partner has no individual ownership rights in partnership property.The RUPA gives ownership of partnership property to the partnership only.Partners do,however,have the right to use partnership property for partnership purposes.
Learning Objectives
- Recognize the privileges and limitations tied to transferable interests in partnership settings.
- Acquire knowledge about the concept of property in a partnership and who owns it.