1. Dissolution of the limited partnership is very similar to dissolution of the general partnership....
50.1K
Verified Solution
Link Copied!
Question
Accounting
1. Dissolution of the limited partnership is very similar to dissolution of the general partnership. The ____________ has no right or power to dissolve the partnership. While the death or bankruptcy of the limited partner rarely dissolves the partnership, the death of the general partner usually does (unless the agreement specifies otherwise).
a.
general partner
b.
full partner
c.
unlimited partner
d.
limited partner
e.founding partner
2. A limited partner loses protection of limited liability if he does which of the following?
a.
Acts as a guarantor of the limited partnership
b.
Participates heavily in the control of the business
c.
Does not allow his name to be used in the name of the limited partnership
d.
Consults and advises a general partner
e.
Votes on the dissolution of the partnership
3. When can a partnership be rightfully dissolved?
a. After meeting an established objective
b.
At the end of the term stated in the partnership agreement
c.
When a partner dies
d.
All of these situations would lead to a rightly dissolved partnership
e.
When a partner withdraws from the partnership
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
