1. In a limited partnership, partners are classified as general or limited Limited partners manage the...
In a limited partnership, general partners: a. are not liable for the firm's debts. b. are nonparticipating investors. c. have the right to manage the business. d. cannot transfer their ownership interest.
partners. The partners who manage the limited partnership and are personally liable for the firm debts are called the O a unreserved O b. licensed O c.active O d. general
In a limited partnership, the liability of the limited partners generally is restricted to the amount of funds that they have invested in the company but the general partners have unlimited liability.
Which of these are true and why 8. In a general partnership all the partners are classified as "general partners," each of whom has unlimited liability for the debts of the partnership. 9. The partnership's beginning tax basis in property it receives from a partner in exchange for an interest in partnership capital is the contributing partner's adjusted basis in the property. 10. As a general rule, when a person obtains an interest in partnership capital through rendition of services,...
a. Under a General Partnership, partners are liable only to the extent of their capital contributions. True False b. Under a Limited Liability Limited Partnership, the liability of all partners is limited to the amount of their investments in the firm. True False c. When a partner ceases to be associated in the carrying on of the partnership business, this is called: A. Joint and several liability B. A fiduciary duty C. Winding up D. Dissociation d. Which of the...
Which of the following is a characteristic of a general partnership? a. The partnership is subject to federal income tax. b. The partners have limited liability. c. The partnership has an unlimited life. d. The partners have co-ownership of partnership property.
please asap Question 7 3 pts Limited partners have liability: for the full amount of partnership debts if their name is in the partnership name. for the negligent acts of the general partner. only for the amount of their contributions, for their contributions and any distributions made to them. Question 8 3 pts The corporate veil can be pierced under the alter ego theory when: personal and corporate assets or debts are mixed. there were insufficient assets put into the...
(13) A partnership that consists of two classes of partners, one that participates in management of the company and have unlimited liability, and another that does not participate in management and whose liability is limited to a stated amount is a: a. limited partnership b. general partnership c. limited liability partnership d. mutual agency (14) A partnership where all partners may participate in management of the company, but whose personal liability is limited to that resulting from their own actions...
Which of the following is not a legal characteristic of a general partnership? Unlimited liability of partners for partnership recourse debt Restricted transferability of partnership interests Centralized management Limited life All of the above are legal characteristics of partnerships.
Partnership profits: Multiple Choice are distributed to general partners with interest paid to limited partners. are generally reinvested in the firm rather than being distributed. are distributed to the partners on an aftertax basis. are generally held by the partnership and later distributed as dividend payments. are fully distributed as taxable income to the partners.