The New Revision of the RULPA Provides That, When a Limited

question 43

Multiple Choice

The new revision of the RULPA provides that, when a limited partnership is a limited liability limited partnership,:

• A)a general partner is personally liable for a contractual obligation.
• B)a general partner is personally liable for an obligation arising from a tort.
• C)a contractual obligation or an obligation arising from a tort is solely the obligation of the limited partnership.
• D)a contractual obligation or an obligation arising from a tort is the joint and several obligation of the limited ^{partnership and the general partners.}

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Definitions:

Sales Level

The total volume or quantity of sales achieved by a business within a specific period.

Income Change

Income change refers to any variation, either an increase or decrease, in the amount of revenue or profit that an entity receives over a period.

Variable Costing

An approach to costing that accounts for only variable production expenses, including direct materials, direct labor, and variable manufacturing overhead, in the calculation of product costs.

Absorption Costing

A costing approach that consolidates every expense related to manufacturing - direct materials, direct labor, and both variable and fixed overheads - into the product’s price.