In a limited partnership, the liability of the limited partners generally is restricted to the amount...
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.
Homework Answers
In a limited partnership (LP), at least one partner (who is considered a general partner) has control and is personally liable for business debts. There is also at least one limited partner in an LP who has made investment in the business but has minimal authority over business decisions and operations. The advantage for a limited partner is that s/he cannot be personally held liable for business debts.
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In a limited partnership, the liability of the limited partners
generally is restricted to the amount...
1. In a limited partnership, partners are classified as general or limited Limited partners manage the...
1. In a limited partnership, partners are classified as general or limited Limited partners manage the business and have unlimited personal liability for its debts.
Partnership profits: Multiple Choice are distributed to general partners with interest paid to limited partners. are...
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.
Which of the following is not a legal characteristic of a general partnership?
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.
please asap Question 7 3 pts Limited partners have liability: for the full amount of partnership...
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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...
(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...
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 is a characteristic of a general partnership?
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.
liability company (LLC). Proprietorship Partnership Corporation LLC Attribute Present 1. Business taxed 2. Limited liability 3....
liability company (LLC). Proprietorship Partnership Corporation LLC Attribute Present 1. Business taxed 2. Limited liability 3. Unlimited life No Yes
Discuss the potential problems in a Partnership with regards to "Limited Life" and "Unlimited Liability."
Discuss the potential problems in a Partnership with regards to "Limited Life" and "Unlimited Liability."
Partners and Partnership Liability A local law firm has eleven lawyers. One Lawyer has been sued...
Partners and Partnership Liability A local law firm has eleven lawyers. One Lawyer has been sued for several million dollars as the results of a recent case. Because of what appears to be the lawyer’s very poor judgment, one of the customers died. Although the lawyer was solely involved with the customer in question, the lawsuit names the entire law firm as a defendant. Originally, six of the lawyers formed the law firm as a general partnership. However, three years...
1. In a limited partnership, partners are classified as general or limited Limited partners manage the business and have unlimited personal liability for its debts.
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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...
(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...
liability company (LLC). Proprietorship Partnership Corporation LLC Attribute Present 1. Business taxed 2. Limited liability 3. Unlimited life No Yes
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