Characteristics of Partners in a Limited Partnership
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Questions and Answers

What is the primary difference between a general partner and a limited partner in a limited partnership?

  • The general partner has limited liability.
  • The limited partner has no management role. (correct)
  • The limited partner is not responsible for the firm's debts.
  • The general partner is not responsible for the firm's management.

    • What is a characteristic of a co-partnery?

  • The firm has a public existence.
  • The firm has a legal entity.
  • The firm exists only between partners. (correct)
  • The firm is required to register with the government.

    • What is the primary liability characteristic of partners in an Unlimited Partnership?

  • No personal liability for partnership debts
  • Unlimited liability severally and jointly (correct)
  • Joint liability only for partnership debts
  • Limited liability to the extent of their contribution

    • What is the minimum amount required to be deposited in a Lebanese local bank for a Joint Stock Company?

    <p>30 million Lebanese pounds.</p> Signup and view all the answers

    What is the primary role of a limited partner in a limited partnership?

    <p>To provide financial investment.</p> Signup and view all the answers

    What is a key requirement for transferring partnership interests in an Unlimited Partnership?

    <p>Unanimous consent of all partners</p> Signup and view all the answers

    What is a characteristic of a Joint Stock Company?

    <p>It has a legal entity that represents all investors.</p> Signup and view all the answers

    What is the primary characteristic of a partner's role in an Unlimited Partnership?

    <p>All partners have equal management rights</p> Signup and view all the answers

    What is the minimum capital requirement for registering an Unlimited Partnership?

    <p>No minimum capital requirement</p> Signup and view all the answers

    What is the difference between a limited partnership and a co-partnery?

    <p>A limited partnership has a legal entity, while a co-partnery does not.</p> Signup and view all the answers

    Where must an Unlimited Partnership be registered?

    <p>At the commercial registry</p> Signup and view all the answers

    What is a crucial aspect of the partnership headquarters' information to be registered?

    <p>Its licensing</p> Signup and view all the answers

    Which of the following is NOT a general reason for company dissolution?

    <p>The partners' disagreement</p> Signup and view all the answers

    What is the characteristic that distinguishes a limited partnership from an unlimited partnership?

    <p>The presence of both general and limited partners</p> Signup and view all the answers

    What is a specific reason for partnership dissolution?

    <p>The wish of a partner to terminate the partnership</p> Signup and view all the answers

    What is a necessary qualification for a partner?

    <p>Being at least 18 years old and a registered merchant</p> Signup and view all the answers

    What is a unique feature of an unlimited partnership's name?

    <p>It is based on the collective name of its partners</p> Signup and view all the answers

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