Partnership Agreement Quiz
Authored by Anne Gichohi
Business
8th Grade
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28 questions
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1.
OPEN ENDED QUESTION
3 mins • 1 pt
This Partnership Agreement ("Agreement") dated on ____________ ("Effective Date") is associated with the following entity:
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2.
OPEN ENDED QUESTION
3 mins • 1 pt
Entity Name: ____________ formed in the State of ____________ with a principal place of business at ____________ ("Partnership").
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3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Partnership is structured as a: (choose one)
General Partnership (GP). All the Partners agree to hold equal personal responsibility in the Partnership's liabilities.
Limited Partnership (LP). The General Partner(s) known as ____________ ("General Partner(s)") agree to bear all responsibility on behalf of the Partnership. All other Partners are limited partners.
Limited Liability Partnership (LLP). Each Partner is liable for their own negligence or wrongful acts, not financial obligations.
Limited Liability Limited Partnership (LLLP). The General Partner(s) known as ____________ ("General Partner(s)") and limited partners shall have limited liability.
4.
OPEN ENDED QUESTION
3 mins • 1 pt
Business Purpose. The Partnership’s primary business purpose is: ____________.
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5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Term. This Agreement has an effective start date of ____________ and shall continue:
In Perpetuity. This Agreement will exist indefinitely until the Partnership is dissolved or terminated, the processes for which are enumerated below ("Term").
For a Fixed-Term. The Partnership will effectively end on ____________ ("Term").
6.
OPEN ENDED QUESTION
3 mins • 1 pt
Partner 1: ____________ with a mailing address of ____________ a.) Ownership: ____________ b.) Capital Contributions: ____________ c.) Signing Authority: Will the above-named Partner be able to sign contracts on behalf of the Partnership? Yes ☐ No ☐
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7.
OPEN ENDED QUESTION
3 mins • 1 pt
Partner 2: ____________ with a mailing address of ____________ a.) Ownership: ____________ b.) Capital Contributions: ____________ c.) Signing Authority: Will the above-named Partner be able to sign contracts on behalf of the Partnership? Yes ☐ No ☐
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