Which of the Following Is Not True About the Termination

question 388

Multiple Choice

Which of the following is not true about the termination of a limited partnership?

• A) the bankruptcy of a limited partner does not force termination
• B) the business may continue to operate during dissolution
• C) creditors' rights come before partners' rights to funds
• D) limited and general partners share assets equally at the same time after the creditors are paid
• E) all of the other choices are true

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Definitions:

Legal Merits

The inherent rights and wrongs of a legal case, as distinct from extraneous or technical aspects, used in determining the justice of the case.

Stare Decisis

A legal principle that obliges courts to follow the rulings of higher courts in similar cases to ensure consistency and predictability in the law.

Precedents

Past legal decisions or rulings that serve as a guide for determining outcomes in similar future cases.

Jurisdictions

The authority given to legal bodies to make legal decisions and judgments, often defined by geographic area or subject matter.