Homework Answers
Ans) the correct option is b) Both general and limited partners are fully liable
Both general and limited partners are fully liable, when no LP certificate is filed.
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When no LP certificate is filed, what is the result? O a Only limited partners are...
a. Under a General Partnership, partners are liable only to the extent of their capital contributions....
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 statements is true as it relates to limited liability partnerships? A. Only...
Which of the following statements is true as it relates to limited liability partnerships? A. Only senior partners are liable for the partnership's debts. B. Partners are personally liable for the acts of those under their supervision. C. Partners have no liability in a limited liability partnership arrangement. D. All partners must be AICPA members.
partners. The partners who manage the limited partnership and are personally liable for the firm debts...
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
NO HANDWRITTEN ANSWERS PLEASE What are some advantages of the Limited Partners (LP) of SBIC investment...
NO HANDWRITTEN ANSWERS PLEASE What are some advantages of the Limited Partners (LP) of SBIC investment funds?
In a limited partnership, general partners: a. are not liable for the firm's debts. b. are...
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.
Jada is starting a restaurant. To limit her personal liability for the business's debts, Jada could...
Jada is starting a restaurant. To limit her personal liability for the business's debts, Jada could form a (a) corporation (b) limited liability company (c) general partnership (d) both choices (a) and (b) are correct (e) all of the above Barry Jones and Anne Smith co-own a bowling alley called "Lake City Lanes". No documents related to the formation or operation of the business has ever been filed in either the Country Clerk's Office or in the NYS Department of...
Which one of the following statemernts concerning a partnership is true? Select one: O a. A...
Which one of the following statemernts concerning a partnership is true? Select one: O a. A partnership terminates at the death of any partner. O b. Income from a limited partnership is taxed as corporate income. O c. A primary advantage of a partnership is the ease of transferring ownership. O d. Limited partners in a limited partnership should be actively involved in management decision e. Under a general partnership, only the key partner is personally liable for the business...
A Limited Liability Company (LLC) can be formed with only 1 member. True False QUESTION 11...
A Limited Liability Company (LLC) can be formed with only 1 member. True False QUESTION 11 The type of liability where every party is only liable for their pro-rata share of the indemnity is called: O Joint Liability Several Liability Joint and Several Liability All of the above QUESTION 12 The Financing form where a company sells the Accounts Receivable due from its customers is called: Account Receivable Credit Line Factoring Asset Backed Loan SBA Loan Indemnity is a sum...
When a partner makes an honest mistake (and does not commit negligence) while working on behalf...
When a partner makes an honest mistake (and does not commit negligence) while working on behalf of the partnership. a. Both the partner and the partnership are excused from liability. b. The other partners are equally liable. c. The partner who made the mistake is liable if third parties are involved. d. The entire firm is liable if third parties are involved.
(13) A partnership that consists of two classes of partners, one that participates in management of the company and...
(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...
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
Which one of the following statemernts concerning a partnership is true? Select one: O a. A partnership terminates at the death of any partner. O b. Income from a limited partnership is taxed as corporate income. O c. A primary advantage of a partnership is the ease of transferring ownership. O d. Limited partners in a limited partnership should be actively involved in management decision e. Under a general partnership, only the key partner is personally liable for the business...
A Limited Liability Company (LLC) can be formed with only 1 member. True False QUESTION 11 The type of liability where every party is only liable for their pro-rata share of the indemnity is called: O Joint Liability Several Liability Joint and Several Liability All of the above QUESTION 12 The Financing form where a company sells the Accounts Receivable due from its customers is called: Account Receivable Credit Line Factoring Asset Backed Loan SBA Loan Indemnity is a sum...
(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...
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