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Partnership Features Quiz

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Questions and Answers

In a general partnership, partners are liable to what extent?

Not liable for any debts
Only liable for the partnership's debts
To the full extent of their personal assets
To the extent of their separate properties (correct)

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

Both have unlimited liability
Both have limited liability
General partner has limited liability, while limited partner's liability is restricted to their capital in the partnership
General partner has unlimited liability, while limited partner's liability is restricted to their capital in the partnership (correct)

What are the different types of partnerships based on duration?

With fixed term, with a particular undertaking, at will (correct)
With fixed term, ongoing, partnership by choice
Short-term, long-term, indefinite
Temporary, permanent, ad hoc

What distinguishes a trading or commercial partnership from a partnership for the practice of a profession?

Trading partnerships involve buying and selling goods, while professional partnerships offer services (A) Signup and view all the answers

What distinguishes a De Jure Partnership from a De Facto Partnership?

De Jure Partnership fulfills all legal requirements, while De Facto Partnership fails to meet all legal requirements (B) Signup and view all the answers

What type of partner is primarily involved in contributing capital to the partnership?

Capitalist Partner (D) Signup and view all the answers

What role does a Managing Partner play in a partnership?

Handles day-to-day operations and decision-making (A) Signup and view all the answers

What distinguishes an Ostensible Partner from a Secret Partner?

Ostensible Partner is publicly known to be associated with the partnership, while Secret Partner's involvement is concealed (C) Signup and view all the answers

"Distributor" in the context of a partnership refers to:

Making profits and sharing them among partners (D) Signup and view all the answers

Match the kinds of partnership with their descriptions:

General partnership = Liable to the extent of their separate properties Limited partnership = Liability to the partnership creditors is limited to his capital in the partnership Partnership with a fixed term = Partnership with a predetermined duration Partnership for a particular undertaking = Partnership formed for a specific project or purpose Signup and view all the answers

Match the classifications of partners with their characteristics:

General Partner = Partner with unlimited liability in the partnership Limited Partner = Partner whose liability is limited to their capital in the partnership Capitalist Partner = Partner primarily contributing capital to the business Industrial Partner = Partner contributing skills or labor instead of capital Signup and view all the answers

Match the types of partnerships with their legality status:

De Jure Partnership = Complied with all legal requirements for existence De Facto Partnership = Failed to comply with all legal requirements for existence General-Limited Partner = Hybrid partner with characteristics of both general and limited partners Nominal Partner = Partner who allows their name to be used but has no actual involvement in the business Signup and view all the answers

Match the roles in organizing a partnership with their functions:

Contributors = Partners involved in financing and forming the business Distributor = Individual aiming to make profits from the business Owner = Member responsible for ownership distinctions within the partnership Liquidating Partner = Partner involved in winding up or closing down the business Signup and view all the answers