Under the Revised Uniform Limited Partnership Act,a Limited Partner Probably

question 8

Multiple Choice

Under the Revised Uniform Limited Partnership Act,a limited partner probably will not lose the protection of limited liability when the limited partner:

• A) becomes a contractor for,or an agent or employee of,the limited partnership or of a general partner.
• B) consults with and advises a general partner regarding the partnership business.
• C) votes on partnership matters,such as dissolving and winding up the limited partnership or removing a general partner.
• D) all of the above.

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Definitions:

Itemized Deductions

These are expenses allowed by the IRS that can be subtracted from adjusted gross income to reduce taxable income, emphasizing personal expenses.

Married Couple

A legal status for two individuals who are united in marriage, recognized by law, affecting tax and legal situations.

Itemizes

The process of listing tax-deductible expenses on a tax return individually, rather than taking the standard deduction.

Separate Returns

Tax returns filed by married individuals choosing not to file a joint tax return with their spouse, often detailing their own income, deductions, and liabilities.