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Questions and Answers
What is a requirement for a limited partnership (LP)?
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?
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?
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?
In what way can GPs bind the partnership in contracts with third parties?
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What happens when a GP acts not apparently for carrying on in the ordinary course of the partnership's business?
What happens when a GP acts not apparently for carrying on in the ordinary course of the partnership's business?
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