A general partner in a limited partnership believes wrongly that an LLLP has been created.In such a case,which of the following will apply?
A) He will be considered a limited partner of the limited partnership.
B) He will lose his management powers over the limited partnership.
C) He will have to share profits equally with all other partners.
D) He will have unlimited liability for the obligations of the limited partnership.
Correct Answer:
Verified
Q46: A (n)_ may be the sole general
Q47: Jason believes that he is a limited
Q48: A limited partner in a limited partnership:
A)contributes
Q49: Under the Uniform Limited Partnership Act (ULPA),a
Q50: If a limited partner becomes a general
Q52: Carol is the only general partner in
Q53: A dissociated limited partner:
A)retains his right to
Q54: Terrance and Barbara created a limited partnership,but
Q55: A certificate of limited partnership must contain
Q56: The limited partnership agreement of Davos Limited
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents