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Amy Is a Limited Partner in a Limited Partnership

Question 49

Multiple Choice

Amy is a limited partner in a limited partnership.Amy is considering opening a business similar to that of the limited partnership.One of the reasons that Amy is considering taking this step is that Amy believes that the limited partnership is being poorly managed.Amy wants to review the books and records of the partnership,but the general partners have refused to allow her to have access.Which of the following is true?


A) As a limited partner,Amy has no rights to review the books and records of the partnership.
B) Amy has unlimited rights to review financial statements,tax returns,and a few other specified items,but has no rights to review other business records.
C) Amy has unlimited rights to review financial statements,tax returns,and a few other specified items,but must demonstrate a legitimate purpose in order to review any other business records of the partnership.
D) Amy must demonstrate a legitimate purpose in order to obtain any information on the business of the partnership.
E) Amy has an unlimited right to obtain information regarding the operations of the partnership business.

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