chp. 35 BUS Law warm up
Which of the following is an INCORRECT statement regarding a limited partnership?
A limited partnership has two types of partners: general and specific.
Which of the following is a correct statement regarding a limited partnership?
A limited partnership must have one or more limited partners.
Which of the following is an INCORRECT statement regarding the winding up of a limited partnership?
A partner who winds up the affairs of a limited partnership has fewer rights than a partner winding up a general partnership.
Which of the following is a correct statement regarding the creation of a limited partnership?
The creation of a limited partnership is formal and requires public disclosure.
Under the Revised Uniform Limited Partnership Act, all of the following events cause the dissolution of a limited partnership EXCEPT?
any substantive change in the limited partnership's business plan
Limited partners are liable only for the debts and obligations of the limited partnership up to their _____.
capital contributions
Which of the following information does NOT need to be included in the certificate of limited partnership?
highest formal educational attainment of each of the general partners
The general partners of a limited partnership have _____ liability for the debts and obligations of the limited partnership.
unlimited
A limited liability limited partnership must identify itself by using _____ after the partnership name.
"L.L.L.P." or "LLLP"
A limited liability limited partnership (LLLP) may be organized under _____ law by filing articles of _____ with the _____.
state; limited liability limited partnership; secretary of state
