Under the RULPA, a Limited Partner Probably Will Not Lose

question 10

Multiple Choice

Under the RULPA, a limited partner probably will not lose his limited liability in any of the following circumstances unless: ______.

• A) the limited partner becomes a contractor for, or an agent or employee of, the limited partnership or of a general partner.
• B) the limited partner consults with and advises a general partner regarding the partnership business.
• C) the limited partner votes on partnership matters, such as dissolving and winding up the limited partnership or removing a general partner.
• D) the partners fail to file a limited partnership certificate.

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Definitions:

Ingratiation

A psychological technique where an individual attempts to become more likable to others through flattery or other means of manipulation.

Praise Lavishly

The act of giving excessive or extravagant compliments, often to motivate or reinforce positive behavior.

Rational Persuasion

Using logical arguments and factual evidence to convince someone of a particular point of view.

Exchanging Favors

The practice of mutual assistance where participants provide services or help to each other with an expectation of reciprocation.