Question 1

The rights between partners in a limited partnership are unaffected by a failure to properly comply with filing requirements.

Accepted Answer

A) True 
 B)False

Question 2

The Revised Uniform Limited Partnership Act provides that,in distributing the assets of a dissolved partnership,the general partners have priority over limited partners.

Accepted Answer

A) True 
 B)False

Question 3

The creation of a limited partnership is informal and therefore no public disclosure is necessary.

Accepted Answer

A) True 
 B)False

Question 4

Which partners have an unlimited right to obtain information about the partnership's business?

Accepted Answer

A)  limited partners only 
B)  general partners only 
C)  both general and limited partners 
D)  neither general nor limited partners 
A)  limited partners only 
B)  general partners only 
C)  both general and limited partners 
D)  neither general nor limited partners

Question 5

A limited partnership may have an unlimited number of partners.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is a consequence of a limited partnership failing to obtain a certificate of registration before conducting business in another state?

Accepted Answer

A)  Contracts that it enters into are void. 
B)  Contracts that it enters into are voidable. 
C)  The limited partners will lose their limited liability. 
D)  The limited partnership cannot defend itself in any lawsuits brought against it in the other state. 
E)  The limited partnership cannot initiate any lawsuits in the other state. 
A)  Contracts that it enters into are void. 
B)  Contracts that it enters into are voidable. 
C)  The limited partners will lose their limited liability. 
D)  The limited partnership cannot defend itself in any lawsuits brought against it in the other state. 
E)  The limited partnership cannot initiate any lawsuits in the other state.

Question 7

Which of the following best describes the Revised Uniform Limited Partnership Act?

Accepted Answer

A)  It is a federal statute governing all limited partnerships. 
B)  It is a standard law passed by most states that generally applies to limited partnerships except where the limited partnership agreement provides a different provision. 
C)  It is a standard law passed in every state that applies to limited partnerships and takes precedence over any contrary provisions in a limited partnership agreement. 
D)  It is a federal statute that states can choose to implement or not. 
A)  It is a federal statute governing all limited partnerships. 
B)  It is a standard law passed by most states that generally applies to limited partnerships except where the limited partnership agreement provides a different provision. 
C)  It is a standard law passed in every state that applies to limited partnerships and takes precedence over any contrary provisions in a limited partnership agreement. 
D)  It is a federal statute that states can choose to implement or not.

Exam 35: Limited Partnerships and Limited Liability Limited Partnerships

The rights between partners in a limited partnership are unaffected by a failure to properly comply with filing requirements.

The Revised Uniform Limited Partnership Act provides that,in distributing the assets of a dissolved partnership,the general partners have priority over limited partners.

The creation of a limited partnership is informal and therefore no public disclosure is necessary.

Which partners have an unlimited right to obtain information about the partnership's business?

A limited partnership may have an unlimited number of partners.

Which of the following is a consequence of a limited partnership failing to obtain a certificate of registration before conducting business in another state?

Which of the following best describes the Revised Uniform Limited Partnership Act?

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