Which of the Following Statements Are TRUE

question 34

Multiple Choice

Which of the following statements are TRUE?

• A) All partners in both limited partnerships and general partnerships are entitled to advise regarding management.
• B) In a limited partnership, the liability of all partners for the obligations of the partnership is limited.
• C) Both limited partnerships and general partnerships come into existence as soon as two or more people start carrying on business with a view to a profit.
• D) Both limited partners and general partners have unlimited liability for the obligations of the partnership.
• E) none of the above

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Definitions:

Ombudsman

An official appointed to investigate individuals' complaints against maladministration, especially that of public authorities.

Designated Neutral

An assigned individual who remains unbiased and impartial, often used in conflict resolution or decision-making processes.

Third Party

A third party refers to an entity that is involved in a transaction or relationship but is not one of the principal parties, often providing a service or mediation.

Communication Process

The transfer of information from a sender to a receiver, involving the encoding, sending, receiving, and decoding of messages.