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. (A)</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. (D)</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 (C)</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. (D)</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 (D)</p> Signup and view all the answers

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

<p>No minimum capital requirement (D)</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. (D)</p> Signup and view all the answers

Where must an Unlimited Partnership be registered?

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

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

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

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

<p>The partners' disagreement (C)</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 (B)</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 (D)</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 (B)</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 (B)</p> Signup and view all the answers

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