Which of the Following Is True of a Limited Partnership

question 61

Multiple Choice

Which of the following is true of a limited partnership?

• A) Other limited partnerships cannot become limited partners in an existing limited partnership.
• B) A limited partner is personally liable for the debts of the partnership.
• C) Corporations are allowed to become partners in a limited partnership.
• D) A limited partnership can have only one general partner but multiple limited partners.

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Definitions:

Usury Laws

Regulations governing the maximum interest rate that can be charged on loans, intended to protect borrowers from excessively high rates.

Rent Control

Government-imposed restrictions on the maximum rent that landlords can charge tenants, usually with the aim of making housing more affordable.

Price Ceiling

A price ceiling is a government-imposed limit on how high a price can be charged for a product or service, intended to protect consumers from excessive costs.

Price Ceiling

A legally established maximum price that can be charged for a product or service, often set by government to prevent prices from reaching excessively high levels.