A Limited Partnership Is Different from a General Partnership Because

question 111

Multiple Choice

A limited partnership is different from a general partnership because:

• A) a limited partnership can have only two people in active management
• B) there are limits to annual capital gains in limited partnership
• C) all partners in a limited partnership must actively participate in major managerial decisions
• D) a limited partnership may have only one general partner
• E) none of the other choices

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Definitions:

Ordinary annuity

Regular payments of the same amount made at set intervals, during which interest is calculated and added at the end of each period.

Conditional sale contract

An agreement where the sale is conditional upon certain terms, often used in property and vehicle sales where possession is granted but legal ownership is retained by the seller until full payment is received.

Compounded monthly

The process of adding interest to the principal sum of a loan or deposit, where the interest is added monthly.

Compounded monthly

The process of calculating interest on an investment or loan each month, with each month's interest added to the principal.