A Limited Partnership

question 59

Multiple Choice

A limited partnership:

• A)dissolves when a limited partner dies.
• B)may not have a corporation as a general partner.
• C)may be taxed either as a partnership or as a corporation.
• D)may be created by default.

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Definitions:

Financial Advantage

A benefit in terms of money that can be gained from a particular action or investment.

Special Order

A special order refers to a one-time order that is outside the scope of regular production or services, often requiring a unique pricing and decision-making process.

Annual Financial Advantage

The financial benefits or savings realized by a company over the course of a year, often resulting from efficiencies, investments, or strategic decisions.

Outside Supplier

A third-party company that provides goods or services to another company, as opposed to the company producing these items in-house.