The dissolution and winding up of a limited partnership is governed by the same principles applicable to a: __________.
A) "subchapter S" corporation.
B) limited liability company.
C) general partnership.
D) limited liability partnership.

Question

Quizplus · Accepted Answer

The dissolution and winding up of a limited partnership is governed by the same principles applicable to a general partnership. Both are considered traditional partnerships where the partners have unlimited personal liability for the partnership's debts and obligations. The other options listed - subchapter S corporations, limited liability companies, and limited liability partnerships - are all forms of entity structures that provide some form of limited liability protection to their owners and have different governing principles for dissolution and winding up.

The Dissolution and Winding Up of a Limited Partnership Is