Business Partnership – NBC Institute

BMF – May 2017 – L1 – SA – Q9 – Business and Organizational Structures and Choices

Multiple-choice question on the document specifying obligations and rights in a business partnership.

Question

A business partnership is an entity in which two or more individuals share the ownership of the business. The document which specifies the obligations and rights of each partner is called

A. A partnership deed
B. A contract
C. An article of association
D. A memorandum of association
E. A tort

Answer

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Tags: Business Agreements, Business Partnership, Partnership Deed
Level: Level 1

Topic: Business and Organizational Structures and Choices
Series: MAY 2017

BL – March July 2020 – L1 – SB – Q2a – Partnership Law

Legal advice for a partner on the dissolution of a partnership and personal liability of the firm.

Question

Musa, Ahmed, and Tukur formed a partnership as equal partners to engage in haulage business and adopted the partnership law as their partnership agreement. Due to his vast experience in haulage business, the partners appointed Tukur as the firm’s Managing Director with full powers to execute all business transactions for the firm, while Musa and Ahmed were to oversee the office administration.

Due to unfavorable economic conditions, the firm suffered huge losses for a couple of years, which caused huge indebtedness. The partnership was dissolved, leaving Tukur with an alleged incurred liability for the firm’s debts. Tukur claims that Musa and Ahmed were still in full control of the firm’s operations and that the firm’s liability alone is to be cleared. Tukur seeks your advice.

Required:
Advise Tukur, stating the legal issues involved. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Partnership, Firm Liability, Legal Issues, Partnership Law
Level: Level 1

Series: MAR/JULY 2020

BMF – May 2017 – L1 – SA – Q9 – Business and Organizational Structures and Choices

Multiple-choice question on the document specifying obligations and rights in a business partnership.

Question

A business partnership is an entity in which two or more individuals share the ownership of the business. The document which specifies the obligations and rights of each partner is called

A. A partnership deed
B. A contract
C. An article of association
D. A memorandum of association
E. A tort

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Agreements, Business Partnership, Partnership Deed
Level: Level 1

Topic: Business and Organizational Structures and Choices
Series: MAY 2017

BL – March July 2020 – L1 – SB – Q2a – Partnership Law

Legal advice for a partner on the dissolution of a partnership and personal liability of the firm.

Question

Required:
Advise Tukur, stating the legal issues involved. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Partnership, Firm Liability, Legal Issues, Partnership Law
Level: Level 1

Series: MAR/JULY 2020

Question Tag: Business Partnership

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BMF – May 2017 – L1 – SA – Q9 – Business and Organizational Structures and Choices

Multiple-choice question on the document specifying obligations and rights in a business partnership.

BL – March July 2020 – L1 – SB – Q2a – Partnership Law

Legal advice for a partner on the dissolution of a partnership and personal liability of the firm.

BMF – May 2017 – L1 – SA – Q9 – Business and Organizational Structures and Choices

Multiple-choice question on the document specifying obligations and rights in a business partnership.

BL – March July 2020 – L1 – SB – Q2a – Partnership Law

Legal advice for a partner on the dissolution of a partnership and personal liability of the firm.

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BMF – May 2017 – L1 – SA – Q9 – Business and Organizational Structures and Choices

Multiple-choice question on the document specifying obligations and rights in a business partnership.

You're reporting an error for "BMF – May 2017 – L1 – SA – Q9 – Business and Organizational Structures and Choices"

BL – March July 2020 – L1 – SB – Q2a – Partnership Law

Legal advice for a partner on the dissolution of a partnership and personal liability of the firm.

You're reporting an error for "BL – March July 2020 – L1 – SB – Q2a – Partnership Law"

BMF – May 2017 – L1 – SA – Q9 – Business and Organizational Structures and Choices

Multiple-choice question on the document specifying obligations and rights in a business partnership.

You're reporting an error for "BMF – May 2017 – L1 – SA – Q9 – Business and Organizational Structures and Choices"

BL – March July 2020 – L1 – SB – Q2a – Partnership Law

Legal advice for a partner on the dissolution of a partnership and personal liability of the firm.

You're reporting an error for "BL – March July 2020 – L1 – SB – Q2a – Partnership Law"

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