Exam 35: Limited Partnerships and Special Partnerships

In the absence of a partnership agreement,profits and losses from a limited partnership are shared on the basis of the value of each partner's capital contribution.

Partners who erroneously,but in good faith,believe they have become limited partners can escape liability as general partners by ________.

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

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

Explain the types of partners in a limited partnership.What are their liabilities? Who is permitted to join as a partner to such a partnership?

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

Which of the following activities is permissible for limited partners?

The end of the life of the limited partnership,as specified in the certificate of limited partnership,causes the dissolution of a limited partnership.

The name of a limited partnership can include any or all of the limited partners' surnames,in any circumstances.

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

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

Which of the following is mandatory for the addition of a new limited partner to an existing limited partnership?

A certificate of cancellation is a document that is filed with the secretary of state upon the dissolution of a limited partnership.

The ULPA supersedes the RULPA in the states that have adopted it.

A master limited partnership is a type of limited partnership that is listed on a stock exchange and is publicly traded to provide liquidity to investors.

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

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

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

Briefly explain the liabilities of general and limited partners in a limited partnership.

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?