Which One of the Following Is Not an Item That

question 139

Multiple Choice

Which one of the following is not an item that should be documented in the partnership (or LLC operating) agreement?

• A) Allocations of cash flows.
• B) Allocations of profits and losses.
• C) Liquidating distributions.
• D) Partners' rights in managing the partnership.
• E) All of these.

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Definitions:

Collateral Matters

Topics or issues that are indirectly related to the main subject at hand.

Obligation

A legal or moral duty to do or not do something, often arising from a contract or promise.

Debtor

An individual or entity that owes a debt to another party, typically as a result of borrowing money or failing to pay for goods or services received.

Creditor

An entity or person to whom a debt is owed by another entity or person, known as the debtor.