In Which of the Following Ways Does a Limited Partnership

question 138

Multiple Choice

In which of the following ways does a limited partnership differ from a general partnership?

• A)In a limited partnership,the general partner has an unlimited personal liability in the partnership;whereas in a general partnership,all partners have same level of personal liability.
• B)In a limited partnership,all the partners make an equal contribution to the daily operations;whereas in a general partnership,the general partner assumes a greater responsibility of the operation.
• C)In a limited partnership,there will be only one class of partners named limited partners;whereas in a general partnership,there will be only one class of partners named general partners.
• D)In a limited partnership,each partner is not personally liable for the malpractice committed by another partner;whereas in a general partnership,only the general partner is personally liable for the malpractice committed by another partner.

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Definitions:

FICA Tax

A U.S. federal payroll tax that funds Social Security and Medicare, contributions are made by both employees and employers.

Burden Falls

An economic term referring to how the costs or economic burdens of a policy, tax, or regulation are distributed among various stakeholders.

Elastic

Elastic, in economics, refers to a situation where the quantity demanded or supplied of a good or service significantly changes in response to changes in price.

Inelastic

A characteristic of a good or service whose demand doesn't significantly change when its price changes.