Which of the Following Statements Best Describes Limited Partnerships

question 11

Multiple Choice

Which of the following statements best describes limited partnerships?

• A)In an LLP,there must be at least one general partner that is personally liable for the obligations of the partnership and has management responsibilities.
• B)There are no general or limited partners in a LP;each partner has the rights and duties of a general partner,but limited legal liability.
• C)The identifier LP or LLP need not be included in the name or identification of a limited partnership.
• D)If the presumption of control by the general partner can be overcome,the partner would account for its investment using the equity method of accounting.

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Definitions:

Defamed Party

An individual or entity that has been falsely accused in a manner that damages their reputation.

Defamation Per Se

Statements recognized by law as so damaging that proof of injury or harm is not required to establish defamation.

Loathsome Communicable Disease

A highly contagious disease that is viewed with disgust and generally requires reporting to public health authorities due to its nature.

Improprieties

Actions or behaviors that are inappropriate, unethical, or considered wrong.