The Assignment of Limited Partnership Interests

question 118

Multiple Choice

The assignment of limited partnership interests:

• A)is prohibited by the ULPA.
• B)may be a sale of securities subject to federal regulation.
• C)is liberally permitted under the Internal Revenue Code.
• D)None of the above

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Definitions:

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify the law relating to commerce.

Negotiable Instruments

Financial documents that guarantee the payment of a specific amount of money, either on-demand or at a set time, with examples including checks, promissory notes, and drafts.

IOU

An informal written document that acknowledges a debt owed.

Handwritten

Refers to text that has been written by hand, as opposed to being printed or digitally produced.