Exam 35: Limited Partnerships and Special Partnerships

General partners are not personally liable for partnership debts beyond their capital contributions.

Any partner may petition the court to wind up the affairs of a limited partnership.

In most states, the formation, operation, and termination of limited partnerships are regulated by the ________.

Limited partners do not participate in the management of the partnership.

Explain in brief the liabilities of general and limited partners in a limited partnership.

A(n)________ is a document that sets forth the rights and duties of general and limited partners.

A limited partnership is a ________ in the state in which it is organized.

Defective formation of a limited partnership occurs when a certificate of limited partnership is not properly filed.

The retirement of a general partner does not dissolve a limited partnership.

Which of the following partners in a limited partnership invest capital, manage the business, and are personally liable for partnership debts?

Limited partnerships are also known as ________.

Which of the following types of liability do limited partners of a limited partnership have for the debts and obligations of the limited partnerships?

A limited partnership that was organized in Alabama and operating in Texas with no operations outside the U.S.is considered a ________ in Texas.

Which of the following documents does a domestic limited partnership require to be allowed to operate in another state?

A ________ is a limited partnership with liquid investment, and whose limited partnership interests are traded on organized securities exchanges such as the New York Stock Exchange.

Which of the following types of liability do general partners of a limited partnership have for the debts and obligations of the limited partnership?

Which of the following is true of the admission of a new general partner to an existing limited partnership?

New general partners can be admitted only with the ________.

Which of the following information should a certificate of limited partnership contain?

It is not necessary for a limited partnership to have general partners if the limited partners share management responsibility among themselves.