17 Questions
What is the primary difference between a general partner and a limited partner in a limited partnership?
The limited partner has no management role.
What is a characteristic of a co-partnery?
The firm exists only between partners.
What is the primary liability characteristic of partners in an Unlimited Partnership?
Unlimited liability severally and jointly
What is the minimum amount required to be deposited in a Lebanese local bank for a Joint Stock Company?
30 million Lebanese pounds.
What is the primary role of a limited partner in a limited partnership?
To provide financial investment.
What is a key requirement for transferring partnership interests in an Unlimited Partnership?
Unanimous consent of all partners
What is a characteristic of a Joint Stock Company?
It has a legal entity that represents all investors.
What is the primary characteristic of a partner's role in an Unlimited Partnership?
All partners have equal management rights
What is the minimum capital requirement for registering an Unlimited Partnership?
No minimum capital requirement
What is the difference between a limited partnership and a co-partnery?
A limited partnership has a legal entity, while a co-partnery does not.
Where must an Unlimited Partnership be registered?
At the commercial registry
What is a crucial aspect of the partnership headquarters' information to be registered?
Its licensing
Which of the following is NOT a general reason for company dissolution?
The partners' disagreement
What is the characteristic that distinguishes a limited partnership from an unlimited partnership?
The presence of both general and limited partners
What is a specific reason for partnership dissolution?
The wish of a partner to terminate the partnership
What is a necessary qualification for a partner?
Being at least 18 years old and a registered merchant
What is a unique feature of an unlimited partnership's name?
It is based on the collective name of its partners
Test your understanding of the roles and responsibilities of general partners and limited partners in a limited partnership. Learn about the characteristics of limited partners, their liability, and management roles.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
