Final answer:
The RUPA has eliminated the concept of tenancy in partnership, while retaining management rights for partners, partnership entity status, and partners' interest in the firm. It also introduces other changes, like recognizing the partnership as a separate legal entity, which affect how partnership property is handled.
The correct option is b. the concept of tenancy in partnership.
Step-by-step explanation:
The Revised Uniform Partnership Act (RUPA) has made several modifications to the structure and operation of partnerships. When asked what the RUPA has eliminated, Under RUPA, a partnership is recognized as an entity separate from its partners, which means that the partnership can hold property in its name and sue or be sued. Elimination of the concept of tenancy in partnership changes the way partnership property is owned and dealt with upon a partner's death or transfer of interest.
However, the RUPA does not eliminate all management rights enjoyed by partners (option a), partnership entity status (option c), or each partner's interest in the firm (option d). Partners still have rights to manage the partnership unless otherwise agreed, and partners have an interest in the partnership that can be assigned or transferred under certain conditions.
One of the key considerations in partnership under RUPA is that partners are responsible for each other's acts, which includes the debts and actions one partner may incur. The partnership also faces changes when a partner exits, indicating that the business itself may change even if the name stays the same, due to potential addition of new partners.
The correct option is b. the concept of tenancy in partnership.