Which of the Following Entity Owners Cannot Participate in Management

question 205

Multiple Choice

Which of the following entity owners cannot participate in management of the entity?

• A) A general partner in a general partnership.
• B) A member of a limited liability company.
• C) A partner in a limited liability partnership.
• D) A limited partner in a limited partnership.
• E) None of the above.

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Definitions:

Contract Performance

Refers to the execution of the duties and obligations as outlined in a contract by the parties involved.

Breach of Condition

A breach of condition refers to the failure to meet a critical term of a contract, which can entitle the other party to terminate the agreement and seek damages.

Legal Tender

A form of money that under law must be accepted if offered in payment of debt.

Self-induced Frustration

A situation where a party deliberately or through its own actions causes the conditions that render it unable to fulfill a contract, thus cannot claim frustration of the contract.