Asked by Tiffany LaFrance on May 04, 2024
Verified
The UPA treats a partnership as a legal entity for all purposes.
UPA
Uniform Partnership Act, which governs the operation of partnerships within the United States.
Legal Entity
A legal entity is any company or organization that has legal rights and responsibilities, including the ability to enter into contracts, sue, and be sued.
- Acquire knowledge about the legal systems controlling partnerships, focusing on the Uniform Partnership Act (UPA) and the Revised Uniform Partnership Act (RUPA).
Verified Answer
AK
Ayesha KhalidMay 11, 2024
Final Answer :
False
Explanation :
The Uniform Partnership Act (UPA) treats a partnership as an entity for some purposes, such as property ownership, but not for all purposes, such as liability, where partners can be held personally liable.
Learning Objectives
- Acquire knowledge about the legal systems controlling partnerships, focusing on the Uniform Partnership Act (UPA) and the Revised Uniform Partnership Act (RUPA).