Asked by Grace Ecton on May 29, 2024
Verified
A limited partnership begins its existence:
A) when the secretary of state issues a Certificate of Existence.
B) 60 days after mailing a certificate of limited partnership to the secretary of state.
C) when all partners sign a certificate of limited partnership.
D) at the time a certificate of limited partnership is filed by the office of the secretary of state.
Limited Partnership
A business arrangement where one or more partners are liable only to the extent of their investment, while at least one partner has unlimited liability.
Certificate of Limited Partnership
A legal document filed with a state government to establish the existence of a limited partnership.
Secretary of State
Refers to a senior official in the federal government of the United States who heads the Department of State, primarily responsible for foreign affairs and diplomacy.
- Examine the disparities among partnership arrangements, particularly in terms of partner responsibilities and liabilities.
Verified Answer
AA
Abbeygale AshmanJun 01, 2024
Final Answer :
D
Explanation :
A certificate of limited partnership must be executed and submitted to the secretary of state.The certificate must be signed by all general partners.A limited partnership begins its existence at the time the certificate is filed by the office of the secretary of state.The limited partnership may ask the secretary of state to issue a Certificate of Existence,which is conclusive proof the limited partnership exists.
Learning Objectives
- Examine the disparities among partnership arrangements, particularly in terms of partner responsibilities and liabilities.