In a limited partnership, which of the following are true?
A) There is no practical need for a general partner.
B) Only a general partner may actively transact business.
C) A limited partner cannot become a general partner without consent of the all other partners.
D) Limited partners may draw against capital, prior to dissolution, only up to the amount of their own contribution to capital.
E) A limited partner who agrees not to actively transact business on behalf of the partnership may avoid public disclosure of his or her contribution to capital.
Correct Answer:
Verified
Q11: In the absence of any express or
Q12: Jim and Rob are partners in a
Q13: Sandra, Allison, and Colette joined in partnership
Q14: Unless there is an agreement to the
Q15: Greg, Mike, and Charlie carry on business
Q17: A partner
A) may freely transfer his or
Q18: Jim, Rob and Emily are partners in
Q19: Harry, Clyde, and Pete carried on business
Q20: Greg, Mike, and Charlie carry on business
Q21: Angie, Chloe, and Michele carry on business
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