Development LP Is a Limited Partnership That Invests in Residential

question 26

Multiple Choice

Development LP is a limited partnership that invests in residential real estate projects. Its limited partners include more than 150 sophisticated investors and investment professionals, including Ethan. Ethan loses his limited liability if he

• A)participates in the firm's management.
• B)does not participate in the firm's management.
• C)invests in a project that the firm has declined.
• D)votes to sell or dissolve the firm.

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Definitions:

Milkshake Mixer

A kitchen appliance designed specifically for blending and mixing milkshake ingredients to create a smooth, evenly mixed beverage.

Enforceable

Capable of being imposed or compelled by legal means or authority.

Oral Contract

An agreement between parties spoken out loud and not written down, yet it is legally binding.

Written Contract

A legally binding agreement between parties that is set down in writing and signed by the parties involved.