Question 1

Acting as a surety for the limited partnership makes a limited partner lose his or her limited liability.

Accepted Answer

A) True 
 B)False  False

Question 2

A limited partnership has two types of partners, ________.

Accepted Answer

A) general partners and sole proprietors 
B) general partners and limited partners 
C) ordinary partners and liable partners 
D) special partners and sole proprietors 
A) general partners and sole proprietors 
B) general partners and limited partners 
C) ordinary partners and liable partners 
D) special partners and sole proprietors B

Question 3

Which of the following is a cause for the dissolution of a partnership?

Accepted Answer

A) written consent of the general partners 
B) withdrawal of a general partner 
C) withdrawal of all limited partners 
D) acquisition of business by another partnership 
A) written consent of the general partners 
B) withdrawal of a general partner 
C) withdrawal of all limited partners 
D) acquisition of business by another partnership B

Question 4

In which of the following forms of business partnerships are both general and limited partners not personally liable for debts?

Accepted Answer

A) sole proprietorship 
B) general partnership 
C) limited partnership 
D) limited liability limited partnership 
A) sole proprietorship 
B) general partnership 
C) limited partnership 
D) limited liability limited partnership

Question 5

Neither the general partners nor the limited partners have personal liability for the debts and obligations of the LLLP.

Accepted Answer

A) True 
 B)False

Question 6

In most states, the formation, operation, and termination of limited partnerships are regulated by the Revised Uniform Limited Partnership Act.

Accepted Answer

A) True 
 B)False

Question 7

The words limited partnership can be abbreviated to Ltd.in the title of a limited partnership.

Accepted Answer

A) True 
 B)False

Question 8

A limited partner may engage in voting on the dissolution of the limited partnership without losing his or her limited liability.

Accepted Answer

A) True 
 B)False

Question 9

A limited liability limited partnership limits the liability of general partners.

Accepted Answer

A) True 
 B)False

Question 10

Explain the events that cause the dissolution of a limited partnership under RULPA.

Accepted Answer

a)The end of the life of the limited par

Question 11

Under partnership law, ________ have the right to manage the affairs of the limited partnership.

Accepted Answer

A) investors 
B) sole proprietors 
C) limited partners 
D) general partners 
A) investors 
B) sole proprietors 
C) limited partners 
D) general partners

Question 12

Which of the following happens when a general partner withdraws from a limited partnership?

Accepted Answer

A) The partnership must be sold. 
B) The partnership is transferred. 
C) The partnership is dissolved. 
D) The partnership operates normally. 
A) The partnership must be sold. 
B) The partnership is transferred. 
C) The partnership is dissolved. 
D) The partnership operates normally.

Question 13

________ is said to have occurred if a certificate of limited partnership was not properly filed.

Accepted Answer

A) Defective formation 
B) Illegitimate partnership 
C) Void partnership 
D) Voidable association 
A) Defective formation 
B) Illegitimate partnership 
C) Void partnership 
D) Voidable association

Question 14

Which of the following activities is permissible for limited partners?

Accepted Answer

A) self-dealing 
B) usurping an opportunity 
C) being a contractor of the partnership 
D) competing with the partnership 
A) self-dealing 
B) usurping an opportunity 
C) being a contractor of the partnership 
D) competing with the partnership

Question 15

Which of the following governs a limited partnership, its internal affairs, and the liability of its limited partners?

Accepted Answer

A) the federal government 
B) all states in which the business operates 
C) the articles of limited partnership 
D) the law of the state in which it is organized 
A) the federal government 
B) all states in which the business operates 
C) the articles of limited partnership 
D) the law of the state in which it is organized

Question 16

Sam Muller and Geoffrey Robinson enter into a limited partnership in which Sam is the general partner and Geoffrey is the limited partner.They borrow $50, 000 to start a business.Keeping all rules of naming their businesses in mind, they start a law firm named Robinson-Muller Legal Associates.Martin Humphrey joins them after eleven months as a general partner but does not include his surname in the name of the business.If the business fails, which of the following holds well?

Accepted Answer

A) Only Sam, being the sole general partner is liable to the creditor. 
B) Martin has unlimited personal liability for not including his surname in the name of the business. 
C) Geoffrey is liable as a general partner as he included his surname in the business with full knowledge. 
D) All three partners are equally liable to the creditor, irrespective of including their surname in the title of the business. 
A) Only Sam, being the sole general partner is liable to the creditor. 
B) Martin has unlimited personal liability for not including his surname in the name of the business. 
C) Geoffrey is liable as a general partner as he included his surname in the business with full knowledge. 
D) All three partners are equally liable to the creditor, irrespective of including their surname in the title of the business.

Question 17

Which of the following partners of a limited partnership invest capital but do not participate in management?

Accepted Answer

A) specific partners 
B) limited partners 
C) general partners 
D) sole proprietors 
A) specific partners 
B) limited partners 
C) general partners 
D) sole proprietors

Question 18

A decree of judicial dissolution is granted to a partner whenever it is not reasonably practical to carry on the business in conformity with the limited partnership agreement.

Accepted Answer

A) True 
 B)False

Question 19

Justin and Michael form a limited partnership and start a car dealership.Justin is the general partner and Michael is the limited partner.Seven months after the commencement of the business, Pedro makes an investment and wishes to become a general partner.A week later, Michael's mother wishes to join the partnership as a limited partner.Which of the following is true in this scenario?

Accepted Answer

A) Pedro cannot become a general partner to the partnership after the business has commenced. 
B) Pedro cannot become a general partner to the partnership as a limited partnership can only have one general partner. 
C) Michael's mother cannot become a limited partner to the partnership as a limited partnership can only have one limited partner. 
D) Both Pedro and Michael's mother can choose to become either general or limited partners to the partnership. 
A) Pedro cannot become a general partner to the partnership after the business has commenced. 
B) Pedro cannot become a general partner to the partnership as a limited partnership can only have one general partner. 
C) Michael's mother cannot become a limited partner to the partnership as a limited partnership can only have one limited partner. 
D) Both Pedro and Michael's mother can choose to become either general or limited partners to the partnership.

Question 20

The creation of a limited partnership is formal and requires public disclosure.

Accepted Answer

A) True 
 B)False

Exam 35: Limited Partnerships and Special Partnerships

Acting as a surety for the limited partnership makes a limited partner lose his or her limited liability.

A limited partnership has two types of partners, ________.

Which of the following is a cause for the dissolution of a partnership?

In which of the following forms of business partnerships are both general and limited partners not personally liable for debts?

Neither the general partners nor the limited partners have personal liability for the debts and obligations of the LLLP.

In most states, the formation, operation, and termination of limited partnerships are regulated by the Revised Uniform Limited Partnership Act.

The words limited partnership can be abbreviated to Ltd.in the title of a limited partnership.

A limited partner may engage in voting on the dissolution of the limited partnership without losing his or her limited liability.

A limited liability limited partnership limits the liability of general partners.

Explain the events that cause the dissolution of a limited partnership under RULPA.

Under partnership law, ________ have the right to manage the affairs of the limited partnership.

Which of the following happens when a general partner withdraws from a limited partnership?

________ is said to have occurred if a certificate of limited partnership was not properly filed.

Which of the following activities is permissible for limited partners?

Which of the following governs a limited partnership, its internal affairs, and the liability of its limited partners?

Which of the following partners of a limited partnership invest capital but do not participate in management?

A decree of judicial dissolution is granted to a partner whenever it is not reasonably practical to carry on the business in conformity with the limited partnership agreement.

The creation of a limited partnership is formal and requires public disclosure.

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