A Limited Partner Cannot Take Part in the Management of the Partnership

question 107

True/False

A limited partner cannot take part in the management of the partnership.

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Definitions:

Float

The time difference between when a bank transaction is initiated and when it is completed, allowing funds to appear available in the account before they actually are.

Cashier's Check

A cashier's check is a check guaranteed by a bank, drawn on the bank's own funds and signed by a cashier.

Draft

A preliminary version of a piece of writing, document, or legislation that is subject to further revision and editing.

Drawer

The party that writes and signs a check, directing a bank to pay the check's amount to the person or entity named as the payee.