Deck 4: Limited Partnerships

Question 1

Limited partnerships are created under, and governed by, state statutes.

Answer 1

True

Question 2

The limited partnership must be formed by filing a certificate of limited partnership with the secretary of state or other appropriate state authority.

Answer 2

True

Question 3

The withdrawal of a general partner is considered to be a cause for dissolution of the limited partnership.

Answer 3

True

Question 4

A corporation may be a partner of a limited partnership.

Question 5

Under the Uniform Limited Partnership Act of not be included in the certificate of limited
Partnership.

A) names and addresses of all limited partners
B) names and addresses of all general partners
C) name and address of the agent for service of process
D) name of the limited partnership

Question 6

Limited partners are granted the same rights as general partners of a general partnership.

Question 7

All limited partners have an equal right to manage the affairs of the limited partnership.

Question 8

The partners of a limited partnership must include at least
A) articles of limited partnership

A) two general partners and two limited partners. state to form a limited partnership.
B) certificate of limited partnership
C) notice of limited partnership
D) limited partnership agreement

Question 9

New general partners may usually be admitted to a limited partnership

A) by permission of the managing partner.
B) by completing an application for admission to limited partnership.
C) with the unanimous written consent of all partners.
D) if there is sufficient income to pay the new partner's salary.

Question 10

In states that follow the Revised Uniform
B) one individual and one corporation. Limited Partnership Act, the
Need
C) one general partner and one limited partner.
D) three partners.

Question 11

The limited partnership is generally taxed as a separate entity.

Question 12

The limited partner in a limited partnership is often considered to be more of an investor than an actual partner to the partnership.

Question 13

Both general partnerships and limited partner- ships

A) must include at least one limited partner.
B) limited partners
B) must include at least one general partner.
C) limited partners and general partners
D) no partners

Question 14

The interest of a limited partner is considered to be personal property.

Question 15

The of a limited partnership do not have personal liability for the debts and obligations of the limited partnership.

A) partners
B) limited partners
C) general partners
D) managing partners

Question 16

Under the Revised Uniform Limited Partnership Act, limited partners do not have the right to

A) assign their interests in the limited partner- ship.
B) inspect the books and records of the limited partnership.
C) vote on certain extraordinary actions taken by the limited partnership.
D) participate in the management of the lim- ited partnership.

Question 17

The is filed with the secretary of
Secretary of state.
D) offer limited liability to all partners.