A Partner Who Has No Right to Participate in Control

question 17

Multiple Choice

A partner who has no right to participate in control of the business and who has limited liability is a:

• A) general partner.
• B) nominal partner.
• C) secret partner.
• D) limited partner.

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Definitions:

Operating Costs

Expenses associated with the day-to-day functions of a business, excluding costs related to direct production of goods or services.

Useful Life

The estimated period over which a fixed asset is expected to be useful for the purpose it was acquired.

Salvage Value

The estimated remaining valuation of an asset after its effective life period.

Salvage Value

The assessed remaining value of an asset following the completion of its usability period.