[jeff]

REG Resources:

Free REG Notes & Audio – https://www.another71.com/cpa-exam-study-plan

REG 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

REG Score Release: https://www.another71.com/cpa-exam-scores-results-release

[Skrier]

@stoleway..that is correct. In the example above that Qlad posted, you will notice the debtor did not sign and pick up the funds until after the filing was done. That doesn't mean National Bank assumed the debtor wanted the loan, there must have been some agreement in place prior to the filing, but the signing of the security agreement or I would assume (loan documents) didn't take place until he picked up the money. They secured their interest in the loan prior to finalizing the deal. I am not sure what steps lead up to their filing, but there would have been some sort of agreement in place. Does this make sense?

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Anonymous]

About to resume studying for the night. I'm in such a routine now that I have forgotten what it is like not to study. Lets get it done!

[Anonymous]

About to resume studying for the night. I'm in such a routine now that I have forgotten what it is like not to study. Lets get it done!

[VR]

Question from Wiley. In order to admit a new general partner, what approval is needed?

Wiley's answer: All of the general partners and limited partners.

Ninja notes say: New general partner in a Limited partnership only requires all General Partners to agree.

What is the correct answer?…and what about admitting limited partners. Who have to approve their admission into limited partnership?

Studying at work after hours……

[VR]

Question from Wiley. In order to admit a new general partner, what approval is needed?

Wiley's answer: All of the general partners and limited partners.

Ninja notes say: New general partner in a Limited partnership only requires all General Partners to agree.

What is the correct answer?…and what about admitting limited partners. Who have to approve their admission into limited partnership?

Studying at work after hours……

[Skrier]

@VR….. I am not seeing anything in Becker regarding a limited partner, but I think I read somewhere that the General partners have the right to admit limited partners. But I am not positive since I am not seeing it in Becker materials.

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Skrier]

@VR….. I am not seeing anything in Becker regarding a limited partner, but I think I read somewhere that the General partners have the right to admit limited partners. But I am not positive since I am not seeing it in Becker materials.

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[stoleway]

My understanding is that admission of new partners regardless of limited or general partner needs to have a unanimous approval from both limited and general partners.

This function is one of the few privileges available to a limited partner.

@Skrier, thanks for your explanation on the UCC, I get it now.

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[stoleway]

My understanding is that admission of new partners regardless of limited or general partner needs to have a unanimous approval from both limited and general partners.

This function is one of the few privileges available to a limited partner.

@Skrier, thanks for your explanation on the UCC, I get it now.

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Skrier]

@stoleway…you are most welcome. And thank you for your input on partnerships…I can't find admission of partners anywhere in Becker's materials…I am a little concerned that this isn't covered. Just my luck it will show up on my exam!

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Skrier]

@stoleway…you are most welcome. And thank you for your input on partnerships…I can't find admission of partners anywhere in Becker's materials…I am a little concerned that this isn't covered. Just my luck it will show up on my exam!

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[jeff]

It's covered in the ninja notes 😀

[jeff]

It's covered in the ninja notes 😀

[VR]

Jeff, yes it is covered, but it is not correct in Ninja Notes. I just got answer from the accounting professor. Here is his response:

First the limited partnership agreement controls this issue. Generally though the Examiners do not give you the provisions of the limited partnership agreement. Then the RULPA (Revised Uniform Limited Partnership Act) applies. Under RULPA, new partners, general or limited, can only be admitted by unanimous vote of all partners: Both general and limited.

Good luck to everybody with studying REG!!!

[VR]

Jeff, yes it is covered, but it is not correct in Ninja Notes. I just got answer from the accounting professor. Here is his response:

First the limited partnership agreement controls this issue. Generally though the Examiners do not give you the provisions of the limited partnership agreement. Then the RULPA (Revised Uniform Limited Partnership Act) applies. Under RULPA, new partners, general or limited, can only be admitted by unanimous vote of all partners: Both general and limited.

Good luck to everybody with studying REG!!!

[Author]

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