When a Limited Partnership Dissolves and Winding Up Commences

question 64

Multiple Choice

When a limited partnership dissolves and winding up commences:

• A) a certificate of cancellation must be filed.
• B) the state automatically cancels the certificate of limited partnership.
• C) all general and limited partners can be involved in the winding up process.
• D) a court must decree that the partnership is terminated.

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Definitions:

Income Distribution

The way in which a nation's total GDP is distributed amongst its population or the distribution of income among individuals or households of a country.

Marginal Productivity Theory

An economic theory that relates the addition of a unit of labor or capital to the production process to the incremental increase in outputs.

Production Incentives

Rewards or incentives designed to encourage increased productivity or output by employees or companies.

Marginal Productivity Theory

An economic theory that suggests the price of a factor of production (like labor or capital) is determined by its marginal productivity, or the additional output generated by one more unit of the factor.