Exam 32: Limited Partnerships and Limited Liability Companies

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A limited liability company is a relatively new form of unincorporated business association that blends the advantages of both general and limited partnerships,because all its members may have limited liability and all may participate in management and control without loss of limited liability.

(True/False)

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Question 61

Match each statement with the correct term below. -limited partner

(Multiple Choice)

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Question 62

Which of the following is NOT true about a limited liability company?

(Multiple Choice)

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Question 63

A __________ is a partnership in which the liability of the general partners has been limited to the same extent as in a limited liability partnership.

(Multiple Choice)

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Question 64

A limited partner who participates in the control of the business has broad liability to third persons regardless of whether they have transacted business with the partnership believing the limited partner is a general partner.

(True/False)

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Question 65

Only the general partners have access to the books and records of the partnership.

(True/False)

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Question 66

Extinguishing a limited partnership involves:

(Multiple Choice)

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Question 67

In a limited partnership,the contribution of a partner may be cash,property,services,a promissory note,or an obligation to contribute cash,property,or to perform services.

(True/False)

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Question 68

The causes of dissolution and the priorities in the distribution of assets for a limited partnership are the same as those of a general partnership.

(True/False)

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Question 69

Match each statement with the correct term below. -partnership property

(Multiple Choice)

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Question 70

Which of the following is correct regarding a limited partnership?

(Multiple Choice)

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Question 71

Match each statement with the correct term below. -dissolution

(Multiple Choice)

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Question 72

Match each statement with the correct term below. -partnership capital

(Multiple Choice)

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Question 73

When were the last amendments made to the RULPA?

(Multiple Choice)

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Question 74

Match each statement with the correct term below. -dissociation

(Multiple Choice)

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Question 75

A limited partner's financial obligation to the partnership may be increased if:

(Multiple Choice)

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Question 76

A limited partnership must continuously maintain an office at which basic organizational and financial records are kept.

(True/False)

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Question 77

One of the most appealing features of a limited partnership is the limited personal liability it offers to all of the partners.

(True/False)

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Question 78

The death or bankruptcy of a limited partner will dissolve the partnership.

(True/False)

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Question 79

Daniel is a general partner in a real estate investment firm.Hank and Barry are limited partners.Daniel,without the consent or ratification of Hank and Barry,can:

(Multiple Choice)

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Question 80

Showing 61 - 80 of 86

Exam 32: Limited Partnerships and Limited Liability Companies

A limited liability company is a relatively new form of unincorporated business association that blends the advantages of both general and limited partnerships,because all its members may have limited liability and all may participate in management and control without loss of limited liability.

Match each statement with the correct term below. -limited partner

Which of the following is NOT true about a limited liability company?

A __________ is a partnership in which the liability of the general partners has been limited to the same extent as in a limited liability partnership.

A limited partner who participates in the control of the business has broad liability to third persons regardless of whether they have transacted business with the partnership believing the limited partner is a general partner.

Only the general partners have access to the books and records of the partnership.

Extinguishing a limited partnership involves:

In a limited partnership,the contribution of a partner may be cash,property,services,a promissory note,or an obligation to contribute cash,property,or to perform services.

The causes of dissolution and the priorities in the distribution of assets for a limited partnership are the same as those of a general partnership.

Match each statement with the correct term below. -partnership property

Which of the following is correct regarding a limited partnership?

Match each statement with the correct term below. -dissolution

Match each statement with the correct term below. -partnership capital

When were the last amendments made to the RULPA?

Match each statement with the correct term below. -dissociation

A limited partner's financial obligation to the partnership may be increased if:

A limited partnership must continuously maintain an office at which basic organizational and financial records are kept.

One of the most appealing features of a limited partnership is the limited personal liability it offers to all of the partners.

The death or bankruptcy of a limited partner will dissolve the partnership.

Daniel is a general partner in a real estate investment firm.Hank and Barry are limited partners.Daniel,without the consent or ratification of Hank and Barry,can:

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