Matching
For each of the key terms listed, indicate the BEST definition of that term, or that none of the definitions apply.
Premises:
Canadian Partnership
At-Risk Amount
Partner
Limited Liability Partnership
Partnership Interest
General Partner
Limited Partnership
Limited Partnership Loss
Responses:
A partner whose personal liability for the debts and obligations of the partnership is not limited.
None of the definitions apply. (This answer can be used more than once.)
An arrangement in which two or more persons work together in a limited and defined business undertaking, which does not constitute a partnership, a trust, or a corporation, the expenses and revenues of which will be distributed in mutually agreed portions.
A non-depreciable capital property that reflects the partner's original cost, adjusted for earnings, withdrawals, and other factors.
A defined measure that limits the amount of deductions that can be flowed through to a limited partner.
A partnership, all of the members of which are residents of Canada at the time the term is relevant.
The excess of losses allocated to a limited partner (other than farming or capital losses), over his at-risk amount.
A partnership, all of the members of which are legislatively specified professionals. The members of such partnerships are relieved of any personal liability arising from the wrongful or negligent action of their professional partners, as well as employees, agents, or representatives of the partnership who are conducting partnership business.
A partnership composed of at least one general partner and at least one limited partner.
A person who is a member of a partnership.
A partner whose liabilities for partnership debts is limited to the amount of his contribution to the partnership, and who is not permitted to participate in the management of the partnership.
Correct Answer:
Premises:
Responses:
A partner whose personal liability for the debts and obligations of the partnership is not limited.
None of the definitions apply. (This answer can be used more than once.)
An arrangement in which two or more persons work together in a limited and defined business undertaking, which does not constitute a partnership, a trust, or a corporation, the expenses and revenues of which will be distributed in mutually agreed portions.
A non-depreciable capital property that reflects the partner's original cost, adjusted for earnings, withdrawals, and other factors.
A defined measure that limits the amount of deductions that can be flowed through to a limited partner.
A partnership, all of the members of which are residents of Canada at the time the term is relevant.
The excess of losses allocated to a limited partner (other than farming or capital losses), over his at-risk amount.
A partnership, all of the members of which are legislatively specified professionals. The members of such partnerships are relieved of any personal liability arising from the wrongful or negligent action of their professional partners, as well as employees, agents, or representatives of the partnership who are conducting partnership business.
A partnership composed of at least one general partner and at least one limited partner.
A person who is a member of a partnership.
A partner whose liabilities for partnership debts is limited to the amount of his contribution to the partnership, and who is not permitted to participate in the management of the partnership.
Premises:
A partner whose personal liability for the debts and obligations of the partnership is not limited.
None of the definitions apply. (This answer can be used more than once.)
An arrangement in which two or more persons work together in a limited and defined business undertaking, which does not constitute a partnership, a trust, or a corporation, the expenses and revenues of which will be distributed in mutually agreed portions.
A non-depreciable capital property that reflects the partner's original cost, adjusted for earnings, withdrawals, and other factors.
A defined measure that limits the amount of deductions that can be flowed through to a limited partner.
A partnership, all of the members of which are residents of Canada at the time the term is relevant.
The excess of losses allocated to a limited partner (other than farming or capital losses), over his at-risk amount.
A partnership, all of the members of which are legislatively specified professionals. The members of such partnerships are relieved of any personal liability arising from the wrongful or negligent action of their professional partners, as well as employees, agents, or representatives of the partnership who are conducting partnership business.
A partnership composed of at least one general partner and at least one limited partner.
A person who is a member of a partnership.
A partner whose liabilities for partnership debts is limited to the amount of his contribution to the partnership, and who is not permitted to participate in the management of the partnership.
Responses:
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