Exam 35: Limited Partnerships and Special Partnerships

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Sam Mueller 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-Mueller 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 is true?

(Multiple Choice)

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Question 41

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.

(Multiple Choice)

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Question 42

Corporations are permitted to become general partners to a limited partnership.

(True/False)

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Question 43

A partner who winds up the affairs of a limited partnership has the same rights,powers,and duties as a partner winding up a general partnership.

(True/False)

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Question 44

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

(Multiple Choice)

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Question 45

An existing limited partnership cannot be converted to a limited liability limited partnership.

(True/False)

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Question 46

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

(Multiple Choice)

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Question 47

New partners cannot be added to a limited partnership once it is formed.

(True/False)

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Question 48

Explain,with an example,the sharing of profits and losses in a limited partnership.

(Essay)

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Question 49

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

(True/False)

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Question 50

According to the RULPA,what liability does a corporation have if it is a general partner to a limited partnership?

(Multiple Choice)

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Question 51

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

(Multiple Choice)

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Question 52

Limited partners have unlimited personal liability for the debts and obligations of the limited partnership.

(True/False)

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Question 53

If a corporation is a general partner to a limited partnership,which of the following would result from the dissolution of the corporation?

(Multiple Choice)

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Question 54

If Gerard Koontz retires from being a general partner in a limited partnership,which of the following is true?

(Multiple Choice)

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Question 55

Which of the following is true of general and limited partners in a limited partnership?

(Multiple Choice)

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Question 56

New general partners can be admitted only with the ________.

(Multiple Choice)

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Question 57

Limited partnerships are also known as ________.

(Multiple Choice)

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Question 58

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

(Essay)

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Question 59

Partners in a limited partnership who invest capital and manage the business are called general partners.

(True/False)

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Question 60

Showing 41 - 60 of 81

Exam 35: Limited Partnerships and Special Partnerships

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.

Corporations are permitted to become general partners to a limited partnership.

A partner who winds up the affairs of a limited partnership has the same rights,powers,and duties as a partner winding up a general partnership.

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

An existing limited partnership cannot be converted to a limited liability limited partnership.

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

New partners cannot be added to a limited partnership once it is formed.

Explain,with an example,the sharing of profits and losses in a limited partnership.

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

According to the RULPA,what liability does a corporation have if it is a general partner to a limited partnership?

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

Limited partners have unlimited personal liability for the debts and obligations of the limited partnership.

If a corporation is a general partner to a limited partnership,which of the following would result from the dissolution of the corporation?

If Gerard Koontz retires from being a general partner in a limited partnership,which of the following is true?

Which of the following is true of general and limited partners in a limited partnership?

New general partners can be admitted only with the ________.

Limited partnerships are also known as ________.

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

Partners in a limited partnership who invest capital and manage the business are called general partners.

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