Which of the Following Is Mandatory for the Addition of a New

question 53

Multiple Choice

Which of the following is mandatory for the addition of a new limited partner to an existing limited partnership?

• A) death or retirement of a limited partner
• B) majority vote in a formal election constituting all partners
• C) written consent of all partners
• D) merger with another limited partnership

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Definitions:

Individuals

Refers to single human beings, distinct from a group, class, or family.

Comparative Advantage

The ability of an individual or group to carry out a particular economic activity more efficiently than another activity.

Opportunity Cost

The value of the next best alternative foregone as a result of making a decision.

Specialize

The process of focusing effort and resources on a narrow area of activity or field of study to gain efficiency or expertise.