In which of the following ways does a limited partnership differ from a general partnership?
A) In a limited partnership, the general partner has an unlimited personal liability in the partnership; whereas in a general partnership, all partners have unlimited personal liability.
B) In a limited partnership, all the partners make an equal contribution to the daily operations; whereas in a general partnership, the general partner assumes a greater responsibility of the operation.
C) In a limited partnership, there will be only one class of partners named limited partners; whereas in a general partnership, there will be only one class of partners named general partners.
D) In a limited partnership, each partner is not personally liable for the malpractice committed by another partner; whereas in a general partnership, only the general partner is personally liable for the malpractice committed by another partner.
Correct Answer:
Verified
Q29: Which of the following is an additional
Q30: A general partner in a limited partnership
Q31: Which of the following is TRUE of
Q32: A _ is a form of business
Q33: In comparison to a corporation,the owners of
Q35: In a _,each partner is not personally
Q36: In which of the following types of
Q37: Which of the following is TRUE of
Q38: Which of the following is TRUE of
Q39: Which of the following is an advantage
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