Which of the Following Governs a Limited Partnership, Its Internal

question 22

Multiple Choice

Which of the following governs a limited partnership, its internal affairs, and the liability of its limited partners?

• A) the federal government
• B) all states in which the business operates
• C) the articles of limited partnership
• D) the law of the state in which it is organized

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Definitions:

Express Approval

Explicit consent or agreement to a proposal or condition, often formally stated or documented.

Authority

The legal power or right given to an individual or body to make decisions, direct others, and enforce obedience.

Partnership Creation

The formation of a partnership through the agreement of two or more individuals to carry on a business for profit as co-owners.

Accounting Partnership

A business arrangement where two or more individuals practice accounting together, sharing responsibilities, profits, and liabilities.