Asked by Christa Preville on May 01, 2024
Verified
Joe Stewart is a limited partner in a limited partnership. Joe does not have the right to dissolve the partnership except by decree of a court.
Limited Partner
An investor in a partnership who has limited liability to the extent of their investment in the partnership and does not participate in daily business operations.
Dissolve
The process of formally closing or ending a legal entity, such as a corporation or partnership, and distributing its assets.
Partnership
A legal form of business operation between two or more individuals who share management and profits or losses.
- Acquire knowledge of the necessary steps for the initiation, amendment, and dissolution of a limited partnership, including the documents involved.
Verified Answer
LG
lauren golderMay 08, 2024
Final Answer :
True
Explanation :
Limited partners typically do not have the authority to make decisions regarding the dissolution or the management of the partnership, including dissolving it, unless specific conditions are met or a court decrees it.
Learning Objectives
- Acquire knowledge of the necessary steps for the initiation, amendment, and dissolution of a limited partnership, including the documents involved.