Which of the Following Is Essential If Limited Partners Are

question 39

Multiple Choice

Which of the following is essential if limited partners are to be assured of their limited liability?

• A) substantial compliance with all the technical requirements of the limited partnership law
• B) signing an agreement according to the limited liability law to dissolve a partnership whenever a member withdraws
• C) using a limited partner's surname in a partnership's name
• D) inclusion of a limited commerce clause in the partnership agreement
• E) participation in an organization's management

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Definitions:

Resource Availability

This refers to the accessibility and abundance of natural, human, and capital resources which can be used for production.

Pioneering Spirit

The attitude or approach characterized by innovation, taking risks, and trying new things, often in exploration or business.

Recessions

Periods of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Depressions

Extended periods of significant decline in economic activity across an economy, characterized by high unemployment, falling prices, and reduced levels of trade and investment.