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In a Limited Partnership, Which of the Following Are True

Question 16

Multiple Choice

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.

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