Unlimited Partnership (UP) Characteristics
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Questions and Answers

What is the extent of liability of partners in an Unregistered Partnership (UP)?

  • Severally and limited to their contributions
  • Jointly and limited to their contributions
  • Jointly and unlimitedly (correct)
  • Severally and unlimitedly

    • What is the minimum capital required to register an Unregistered Partnership (UP)?

  • A specific amount set by the government
  • 10,000 units of local currency
  • No minimum capital required (correct)
  • Depends on the number of partners

    • Who can manage an Unregistered Partnership (UP)?

  • Any partner, unless a manager is designated (correct)
  • All partners equally
  • Only an outsider hired by the partners
  • Only the designated manager

    • Where must an Unregistered Partnership (UP) be registered?

    <p>Commercial registry</p> Signup and view all the answers

    What is the requirement for transferring parts of an Unregistered Partnership (UP)?

    <p>Unanimous consent of all partners</p> Signup and view all the answers

    What is a characteristic of a limited partner in a partnership?

    <p>Their responsibility is limited to their contribution</p> Signup and view all the answers

    What is required by law for a Joint Stock Company to register?

    <p>Deposit of 30 million Lebanese pounds in a local bank</p> Signup and view all the answers

    What is a compulsory inclusion in an unlimited partnership agreement?

    <p>The capital contributions of each partner</p> Signup and view all the answers

    How many partners are required to form a limited partnership?

    <p>At least one active partner and one sleeping partner</p> Signup and view all the answers

    Who can qualify as a partner in an unlimited partnership?

    <p>A mentally stable person above 18 years old</p> Signup and view all the answers

    What is a characteristic of a Co-Partnery?

    <p>The firm has no public existence</p> Signup and view all the answers

    What determines the name of an unlimited partnership?

    <p>The collective name of its partners</p> Signup and view all the answers

    What is the liability of a general partner in a partnership?

    <p>Unlimited and personal</p> Signup and view all the answers

    What is a general reason for the dissolution of a partnership?

    <p>The accomplishment of the undertaken project</p> Signup and view all the answers

    What can investors do with their shares in a Joint Stock Company?

    <p>Transfer them to another investor</p> Signup and view all the answers

    What is a characteristic of a limited partnership?

    <p>It has both general and limited partners</p> Signup and view all the answers

    What must be deposited and registered at the registry in case of a statute amendment?

    <p>A copy of such amendment</p> Signup and view all the answers

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