Asked by Heather Jenkins on Apr 30, 2024
Verified
Which of the following statements is false regarding a limited partnership?
A) There must be at least one general partner.
B) There must be at least two limited partners.
C) The partnership must use the word "limited" in its title.
D) The parties must file a certificate of partnership with a state office to create it.
E) If a limited partner dies, the limited partnership is usually unaffected.
Limited Partnership
A partnership consisting of at least one general partner, who manages the business and is liable for its debts, and one or more limited partners, who contribute capital and share in profits but have limited liability.
General Partner
An owner of a partnership who is responsible for its management and is personally liable for its debts.
Limited Partner
An investor in a partnership who is not involved in day-to-day management and whose liability is limited to the amount invested.
- Acquire knowledge of the methodologies and legal prerequisites for the initiation, administration, and closure of distinct categories of business entities.
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Learning Objectives
- Acquire knowledge of the methodologies and legal prerequisites for the initiation, administration, and closure of distinct categories of business entities.
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