Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

5 Questions

0 Views

Mastering Limited Partnerships

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is a requirement for a limited partnership (LP)?

At least one GP and at least one limited partner (correct)

At least two GPs and no limited partners

At least one GP and no limited partners

At least two GPs and at least one limited partner

What is the difference between a limited partnership and a limited liability partnership?

All partners have limited liability in a limited liability partnership (correct)

There is no difference

All partners have limited liability in a limited partnership

Only GPs have limited liability in a limited liability partnership

What are the responsibilities of GPs in a limited partnership?

They have no management control

They have joint and several liability for the debts of the partnership (correct)

They cannot bind the partnership in contracts

They do not share the profits

In what way can GPs bind the partnership in contracts with third parties?

<p>In the ordinary course of the partnership's business</p> Signup and view all the answers

What happens when a GP acts not apparently for carrying on in the ordinary course of the partnership's business?

<p>The act is not considered valid</p> Signup and view all the answers

Mastering Limited Partnerships

Choose a study mode

Podcast

Questions and Answers

What is a requirement for a limited partnership (LP)?

What is the difference between a limited partnership and a limited liability partnership?

What are the responsibilities of GPs in a limited partnership?

In what way can GPs bind the partnership in contracts with third parties?

What happens when a GP acts not apparently for carrying on in the ordinary course of the partnership's business?

More Like This

Class 10 Maths Quiz: CBSE Board Practice Questions

Mastering Joint-Stock Companies

Mastering the Art of Small Talk

Mastering Small Talk Guide

Upgrade to continue