Question

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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 corporation at its creation. too many meetings have occurred. o the corporation was formed to avoid personal liability.

Answer 1

Solution

Q7) The correct answer is c)

Limited partner have liability only for the amount for their contributions

Limited partner invests money, property, or services in the partnership and does not manage or control. Not personally liable for the obligations of the partnership

Q8) The correct answer is a)

The corporate veil can be pierced under the alter ego theory when personal and corporate assets or debts are mixed.

Q10) The correct answer is a)

The corporation may not make personal loan to directors and officers