Which of the Following Is NOT True Regarding Limited Partnerships

question 7

Multiple Choice

Which of the following is NOT true regarding limited partnerships?

• A) General partners of a limited partnership remain jointly and severally liable for partnership obligations.
• B) Limited partners assume no liability for partnership debts beyond the amount of capital they contributed.
• C) Limited partners are responsible for the management of the partnership.
• D) Limited partnerships are often used to raise capital.

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Definitions:

Authorized Channels

Officially approved and recognized paths or mediums through which products or information are distributed, ensuring legitimacy and compliance with regulations.

Protectionism

A government policy aimed at restricting international trade to protect domestic industries from foreign competition.

Trade Feedback Effect

A phenomenon where an increase in exports leads to an increase in national income and thus an increase in imports.

Countertrade

An exchange of goods or services for other goods or services without using a medium of exchange, such as money.